Banks: ING restructures corporate banking business and cuts 400 jobs

Frankfurt. The major Dutch bank ING has announced a new share buyback with a volume of 1.65 billion euros. In addition, an additional cash distribution of 250 million euros will flow to shareholders in January 2027, the institute announced on Thursday.

In the third quarter, however, the bank missed analysts' profit expectations. Although net profit rose by 3.5 percent to 1.85 billion euros, experts had expected an average of 1.97 billion euros.

The risk provisions for loans at risk of default had a negative impact on the result. At 403 million euros, it was higher than expected; analysts had forecast 343 million euros.

ING also had to increase its risk provisions in Germany. “The main drivers were precautionary measures in the project financing portfolio and methodical adjustments in risk modeling,” explained a spokesman when asked. The bank recently had problems with fiber optic loans in Germany.

However, net interest income and fee income met expectations. The common equity Tier 1 capital ratio (CET1), an important indicator of a bank's capital strength, was 13.3 percent, above analysts' forecasts. However, the corporate customer business, for which ING has announced a comprehensive restructuring, is causing greater concern.