ING Q4 Net Result Rises, Proposes Dividend; Chairman Intends To Retire

(RTTNews) - Banking and financial services company ING Group (ING) Thursday reported that its fourth-quarter net result grew 15.2 percent to 1.09 billion euros from last year's 945 million euros.

Profit before tax was 1.71 billion euros, up 28.5 percent from last year.

Total income was 4.87 billion euros, up 5.3 percent from 4.62 billion euros a year ago. This included a net TLTRO impact of negative 315 million euros, reflecting the net negative impact of unwinding TLTRO-related derivative position.

Excluding this net TLTRO impact, total income was 5.18 billion euros, supported by considerably higher net interest income on liabilities.

Net interest income, excluding net TLTRO impact was 3.86 billion euros, up 17.3 percent from last year.

Further, the Board proposed to pay a final dividend over 2022 of 0.389 euro per ordinary , subject to approval by the Annual General Meeting on April 24.

Separately, ING announced that Supervisory Board chairman Hans Wijers intends to retire from the Board in the second half of 2023. Wijers was appointed to the Supervisory Board in 2017 and became its chairman in 2018. In 2021 he was reappointed for a second term.

The Supervisory Board has started preparations for electing a successor as chair of the Board.

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