ING Groep N.V. beats Q3 earnings, launches €1.1 billion buy-back as fee income rises

ING Groep N.V., the Dutch banking group, reported third-quarter net profit of €1.79 billion (~US$1.93 billion), down 5% year-on-year but above analysts’ forecasts of €1.66 billion. Its fee income rose nearly 16% thanks to higher activity in wealth-management and transaction services, compensating for flat net interest income amid low euro-zone rates. ING announced a €1.1 billion share-buy-back plan and a €500 million dividend scheduled for January next year. The bank also upgraded its full-year fee-income growth forecast to above 10%.