The Dutch bank ING reported a slight decline in profit for the last quarter compared to the previous year. However, it remains confident in its ability to return capital to shareholders by planning a share buyback of up to €2 billion.
In the first quarter, ING posted a profit of just under €1.5 billion – 7.8% less than the same period last year but exceeding the analysts' projection of €1.34 billion.
Operating widely in Belgium as well, ING increased its revenue from investment product sales among other sources, while noting a "resilient" interest income which dipped by 2.6% year-on-year.
CEO Steven van Rijswijk stated that, despite geopolitical and macroeconomic uncertainties, Europe has the potential to boost its competitiveness by "simplifying regulations and investing in infrastructure, technology, and defence," areas where ING seeks to play a key role.
