ING Group Q3 Net Result Rises; To Repurchase Up To EUR 2.5 Bln Of Shares

(RTTNews) - Banking and financial services company ING Group (ING) reported that its third quarter net result was 1.98 billion euros up from 979 million euros in the prior year, driven by strong income in both Retail and Wholesale Banking.

Total income for the third quarter was 5.84 billion euros, an increase of 32.4% year-on-year. It was mainly driven by Retail Banking, reflecting the current interest rate environment, coupled with the continued strong performance of Wholesale Banking.

ING announced the start of a share buyback programme under which it plans to repurchase ordinary shares for a maximum total amount of 2.5 billion euros or a maximum of 300 million shares.

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