ING reports $2.5 billion pre-tax profit, plans dividends and buybacks

ING reports $2.5 billion pre-tax profit, plans dividends and buybacks

ING Groep NV is trading up 1.07% at 11.28

ING Groep NV on Friday reported a better-than-expected quarterly pre-tax profit of 2.07 billion euros ($2.45 billion) and said it plans to resume paying dividends as it reversed some provisions for bad loans taken amid the coronavirus pandemic.

Analysts had forecast a pre-tax profit at 1.62 billion euros for the biggest Dutch bank, according to Refinitiv data. That compares with 532 million euros in pre-tax profit in the second quarter of 2020, at the height of pandemic lockdowns.

Provisions were a negative 91 million euros, compared with 1.37 billion euros a year earlier.

“Looking at risk costs, these are actually negative for the quarter, but we have to remain prudent, there are still a lot of risks in the economies,” CEO Steven van Rijswijk said, pointing to uncertainty over COVID-19 variant strains.

ING’s biggest markets, the Netherlands and Germany, are both forecast to grow by more than 3% this year, and the bank said the economic recovery – uneven but quicker than had been expected a year ago – was the main reason.

On technical fronts ING Groep NV RSI stood at 60.66 and currently stock is trading above all Moving Average. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : ING Groep NV – BUY: 11.27, TARGET: 11.53, STOP LOSS : 11.09

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