ING Groep Lifts Total Income View After Quarterly Beat

By Elena Vardon

ING Groep nudged up its total income guidance after its second-quarter results beat expectations as softer net interest income was offset by a higher contribution from other income.

The Dutch bank now expects to report over 22 billion euros ($23.82 billion) in total income for the year, compared with around EUR22 billion previously. This includes a EUR4 billion contribution from income from fees while net interest income--the difference between what banks earn on loans and pay clients for deposits--is expected at the upper end of the EUR16.1 billion to EUR16.6 billion range.

Estimates taken from a company-compiled consensus pencil in total income at EUR22.15 billion for the year, with EUR15.43 billion in net interest income, EUR3.9 billion in fees and commission income and EUR2.61 billion in other income.

For the three months ended June 30, the lender reported total income of EUR5.72 billion, beating estimates of EUR5.50 billion. Net interest income fell 5.7% on-year while income from fees and commissions rose 10% and other income advanced 11%, it said Thursday.

ING's net profit was EUR1.78 billion for the quarter, down from the EUR2.155 billion it reported a year earlier but ahead of the EUR1.64 billion expected by consensus.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 01, 2024 01:52 ET (05:52 GMT)

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