Dutch lender ING beats first quarter profit estimates, announces 2 billion euro buyback
May 2 (Reuters) - ING (INGA.AS), opens new tab posted stronger-than-expected first-quarter profit and announced a 2 billion euro share buyback on Friday, lifting its shares and helping it recover most losses from an early April drop linked to U.S. tariff concerns.
Shares rose 4.3% by 0720 GMT, easing from a 5.7% jump after what analysts at JP Morgan called a "solid" set of results.
The Dutch bank reported a net profit of 1.46 billion euros, beating the 1.40 billion euros forecast in a company-compiled consensus.
"In these horrible times, we delivered strong results, driven by excellent growth in deposits and higher mortgage volumes," Chief Executive Steven van Rijswijk told journalists on a call, adding that the results were backed by a strong increase in fee income.
ING's buyback follows the completion of a previous programme announced in late October, as the Dutch lender continues to return surplus capital to shareholders.
At the end of the first quarter ING's CET-1 ratio, measuring a banks liquidity to its risk exposure, stood at 13.6%. In a press release on Friday it said it aimed to reach 12.8% to 13% by the year's end, up from the 12.5% previously iterated.
Van Rijswijk said he still wanted to reach that target later down the line, but had delayed the guidance taking the "macroeconomic uncertainty into account".
Quarterly commercial net-interest income, under pressure across the board as the region's central bank continues to cut interest rates, clocked in at 3.79 billion euros, in-line with expectations.
ING's merger strategy stayed unchanged as the bank and other lenders saw 2025 as the year of consolidation opportunities coupled with distribution of profits to its shareholders.
"We will, of course, take the uncertainty into account ... but it has not taken our eyes away looking from looking at M&A opportunities itself," van Rijswijk said.
($1 = 0.8846 euros)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
30 minutes ago
- Scottish Sun
Amsterdam MEGA brothel takes huge leap towards becoming reality: 5-floor red light romp-factory to house 100 sex workers
It comes as part of Dutch attempts to clear their capital's reputation and improve its image as a historical city TOWER OF SIN Amsterdam MEGA brothel takes huge leap towards becoming reality: 5-floor red light romp-factory to house 100 sex workers Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AMSTERDAM may soon have a mega Dutch brothel that will span over five floors and house hundreds of sex workers. Incredible plans have been revealed for Erotisch Centrum - a multi-million dollar building with multiple bars and erotic entertainment venues - including a strip club. 7 Sex workers are seen behind windows at the red light district in Amsterdam Credit: Corbis - Getty 7 The Moulin Rouge Bar and sex shop in Amsterdam's red light district Credit: Alamy 7 A concept photo shows the five-story mega-brothel that is being planned to replace the city's red light district Credit: Moke Architechten 7 Amsterdam City Council has long been planning to build a massive brothel to relocate prostitutes away from the city's current red light district. And from this week, residents will be able to respond to the plans that are being backed by the city's mayor herself. According to Femke Halsema, the space will ensure safer working conditions, reduce criminality and tackle human trafficking. Concept designs revealed in 2020 showed two towers in red and black with spiral ramps. read more world news GHOST GROPER I worked in brothel where Lamar Odom overdosed - it's HAUNTED by former owner It comes as part of Dutch attempts to clear their capital's reputation and improve its image as a historical city. The city eventually plans to shut down the centuries-old red light district, which is popular for its neon-lit windows where sex workers stand and try to attract customers. But many residents - and prostitutes - have already voiced their concerns about the plans. World's largest brothel in Cologne Germany fully booked for Euros In December 2023, Mayor Halsema proposed that the building should be built in Zuid - an affluential district in the south of the city. The plans for a building solely dedicated to sex work were supposed to provide safe working conditions. But it has attracted a wealth of criticism claiming that it does the exact opposite. Some sex workers have decried being pushed out of the historic centre of prostitution, De Wallen, saying that other areas are prone to stigma and they could be at risk when travelling to and from work. During a public discussion on the planning, former sex worker Mariska Majoor, said: "A prostitution window on the street is very different from one in a closed erotic centre. "The location is dark at night. There will be more stigma and more danger. "I'm worried they will be waited for on the paths by people with nefarious plans." While another sex worker added: "Sex workers have moved from doorways to windows…and now into a segregated centre pushed to the edge of town, out of sight, out of mind. "Keep your laws off our bodies and no erotic prisons." Over 40 people spoke out against the plans during the public discussion - with some even going as far as to compare the brothel to a 16th century "spinning house" that marked "fallen women". The European Medicines Agency, who moved to the Zuid district in 2019, have said that they are "extremely concerned" by the plans. A spokesman for the agency said: 'EMA is very concerned that this will create safety, security and nuisance issues. 'The change of the location of the red light district is motivated by concerns of nuisance, drug-dealing, drunkenness and disorderly behaviour. 'Locating the Erotic Centre in close proximity to EMA's building is likely to bring the same negative impacts to the adjacent area. 7 A sex worker standing infront of a mirror in the red light area Credit: Getty - Contributor 7 Amsterdam's red-light district at night Credit: Getty 7 The plans for a building solely dedicated to sex work was supposed to provide safe working conditions Credit: Getty '(We will be taking this to the) highest appropriate political and diplomatic level to ensure a safe working environment. 'EMA's work is essential for the protection of public health in the EU, and this should not be jeopardised by fears of staff and EU experts coming to EMA's building.' So far, only seven people have spoken out in favour of the plans - among them, a male sex worker called Richard Jones. Jones believes that the mega brothel could create more space for sex workers from minority groups. He said that these sex workers are currently working in homes, either their own or their clients, and that this poses a big safety risk. Jones went on to argue that if they had access to a large space, tailor-made for sex work, these minorities would be much safer. He also added: 'People who say they don't want it in their neighbourhood don't realise it is already happening…with their husbands, their friends, with them themselves. "At the moment, your houses are our workplaces.'
Reuters
an hour ago
- Reuters
US wholesale inventories in April revised higher
WASHINGTON, June 9 (Reuters) - U.S. wholesale inventories increased in April amid stockpiling of prescription medication in anticipation of tariffs from the Trump administration. Stocks at wholesalers rose 0.2% instead of being unchanged, as estimated last month, the Commerce Department's Census Bureau said on Monday. Economists polled by Reuters had expected last month's estimate would be unrevised. Inventories, a key part of gross domestic product, climbed 0.3% in March. They advanced 2.3% on a year-over-year basis in April. Wholesale stocks of prescription medication surged 1.3% in April. There were also increases in apparel, motor vehicle, groceries and professional equipment inventories. President Donald Trump has said he would impose tariffs on imports of pharmaceutical products that have long been spared from past trade disputes due to the potential for harm to patients. Apart from drugmakers, businesses front-loaded imports in the first quarter, seeking to avoid Trump's sweeping duties on foreign goods, resulting in a large trade deficit that subtracted a record 4.90 percentage points from GDP. The front-running faded in April, leading to a record decline in imports and the overall trade deficit. While the contraction in the deficit at face value suggests trade could significantly add to gross domestic product in the second quarter, economists say some of the boost could be offset by low inventories. Inventory accumulation increased at a rate of $163.0 billion in the first quarter. The economy contracted at a 0.2% annualized rate in the January-March period, the first GDP decline in three years. It grew at a 2.4% pace in the fourth quarter. Sales at wholesalers edged up 0.1% in April after jumping 0.8% in March. At April's sales pace it would take wholesalers 1.30 months to clear shelves, unchanged from March.
Scottish Sun
2 hours ago
- Scottish Sun
Erik ten Hag tried to STOP Man Utd signing Antony but club ‘pushed £86million transfer through at all costs'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ERIK TEN HAG tried to block Manchester United from signing mega-money flop Antony, according to a sensational claim. Antony, 25, joined the Red Devils in 2022 for £85.5million in Ten Hag's first summer at the club to follow the manager directly from Ajax. Sign up for Scottish Sun newsletter Sign up 3 A sensational claim from the co-founder of Erik ten Hag's SEG agency has claimed he tried to block Antony's transfer to Man Utd Credit: Richard Pelham / The Sun 3 The claim says Man Utd 'pushed through the deal at all costs' Credit: AFP The Old Trafford outfit originally did not want to pay as much for the star. However, according to widespread reports, Man Utd only pushed ahead with the deal after being encouraged by Ten Hag to complete it when he lost his first two games in charge. Then Man Utd chief John Murtough submitted three bids to take Antony from the Dutch giants, which was eventually accepted. And after a bright start, Antony failed to live up to his billing and quickly became a scapegoat for Ten Hag's failings as a Man Utd boss. READ MORE IN FOOTBALL OUT THE BLUE Chelsea release four stars including member of Conference League final squad The Brazilian eventually lost his place in the starting XI in his second season before he was sent out on loan to Real Betis halfway through his third season with Man Utd. Ten Hag now manages Bayer Leverkusen and has been linked with the winger once again. But in a stunning claim from Kees Vos, co-founder of Sports Entertainment Group (SEG) who are Ten Hag's agency, he says Ten Hag actually tried to BLOCK the move, with Man Utd being the ones wanting to "push it through at all costs". Writing in the book, Liverpool and the Dutch, Vos claims: "Ten Hag and Vos were not in favour of this and wanted to stop the transfer. BEST ONLINE CASINOS - TOP SITES IN THE UK "But the club wanted to push through at all costs, because Arsenal was also interested in Antony. "The risk of a stronger competitor would be great. Ultimately, Manchester United paid almost 100 million euros for Antony. 'With you, I started to smile again' - Tearful Antony announces Real Betis exit "Although Ten Hag did not support this transfer, it stuck with him throughout his entire time in Manchester that he took over the attacker from Ajax for this ill-fated amount, who was never able to fulfil his promise." Overall, Antony scored just 12 goals and added five assists in 96 games for the Red Devils and was often ridiculed for his flagrant skills which often yielded no end product. His loan at La Liga club Betis reminded people of skills as he contributed to 14 goals in 26 games. Man Utd chiefs are reportedly willing to take a hit worth more than half of what they originally paid in order to get him off the books, with a figure of around £40m being reported. SunSport have also revealed how Ten Hag's Bayer are considering a move for Jack Grealish after he was told his Manchester City career is over. 3 Join SUN CLUB for the Man Utd Files every Thursday plus in-depth coverage and exclusives from Old Trafford WATCH EVERY MATCH OF THE CLUB WORLD CUP 2025 LIVE ON DAZN
