ING Misses Profit Forecasts
Dutch lender ING reported a third quarter net profit below analyst expectations due to higher loan loss charges and weaker treasury income. Despite the earnings miss, the bank announced a fresh share buyback program alongside plans for job cuts.
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ING Groep NV posted a third-quarter net profit of €1.85 billion ($2.06 billion), missing consensus forecasts of €1.97 billion on Thursday morning. The Dutch lender lagged expectations due to higher loan-loss charges, weaker treasury income, and slightly higher operating costs. Shares fell 3% in early trading following the earnings miss.
