ING Profit Beats Estimates, Pledges €1 Billion Share Buyback

ING Groep NV reported better-than-expected profit for the first quarter as both lending income and fees increased. The Netherlands’ largest bank also unveiled a fresh €1 billion ($1.17 billion) share buyback plan.

Net income rose 6.9% to €1.56 billion in the three months through March from a year earlier, the Amsterdam-headquartered company said in a statement on Thursday. That compares with an estimate of €1.46 billion in a Bloomberg survey.