ING Groep Launches 1.65 Billion Euro Share Buyback

ING Groep launched a 1.65 billion euro share buyback program, surpassing analyst expectations of 1.25 billion euros. The Dutch bank also committed to paying 250 million euros in cash to shareholders in January.

These capital returns coincide with a restructuring of the bank's wholesale banking unit, which will be renamed corporate and institutional banking in March. The reorganization will result in approximately 400 redundancies.

For the third quarter, the bank reported a net profit of 1.85 billion euros, up from 1.79 billion euros the previous year, though this missed the 1.97 billion euros analysts had predicted. Total income rose 5.6% to 6.23 billion euros, as growth in fee and commercial interest income was offset by interest rate volatility.