This article was last updated on May 2, 2024
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ING’s quarterly profit is down slightly
ING, the largest bank in the Netherlands, is seeing profits decline slightly. In the first quarter of 2024, the bank achieved a profit of just under 1.6 billion euros. That is a decrease of 0.8 percent compared to the same quarter last year.
This is mainly because the bank earns less in interest income. The interest rates for borrowing and saving are closer together than a year ago. The increase in interest rates as determined by the European Central Bank worked out favorably for the banks for a while because lending rates rose faster than savings rates. It led to big discussion and also criticism of banks.
ING also announced that it will be purchasing 2.5 billion euros worth of its own shares. That is good news for shareholders. The number of shares decreases, meaning that the profit distribution has to be divided among fewer shareholders.
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