By Elena Vardon
ING Groep exceeded expectations because it reported a leap in its internet revenue for the second quarter of 2023 after curiosity earnings boosted its income.
The Dutch financial institution on Thursday reported a internet revenue of two.155 billion euros ($2.36 billion) for the three months to June 30, in comparison with 1.18 billion euros a yr earlier and exceeding the 1.64 billion euros anticipated in a consensus compiled by the corporate.
Complete earnings for the quarter got here in 23% forward at €5.76 billion, beating consensus estimates of €5.5 billion. This included €4.06 billion in internet curiosity earnings – the distinction between what banks earn on loans and prospects pay for deposits – in opposition to the consensus of €4.13 billion. It added that the curiosity margin was 1.56% for the quarter.
“The present rate of interest atmosphere has fueled earnings progress in each retail and wholesale banking, with continued deposit inflows via our retail markets,” stated CEO Stephen van Rieswijk.
It stated the Tier 1 ratio of ING’s frequent shares — a key measure of stability sheet energy — was 14.9% on the finish of the interval in comparison with 14.8% within the earlier quarter, a consensus of 14.6%.
The lender declared an interim dividend of €0.35 per share in comparison with €0.17 within the earlier yr, and the consensus anticipated a fee of €0.31.
Write to Elena Vardon at firstname.lastname@example.org