ING tops first-quarter profit forecast, launches share buyback

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ING tops first-quarter profit forecast, launches share buyback
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ING Groep , the largest Dutch bank, on Thursday said it would launch a new share buyback after it reported better than expected first-quarter earnings, helped by rising interest rates and modest risk costs.

, the largest Dutch bank, on Thursday said it would launch a new share buyback after it reported better than expected first-quarter earnings, helped by rising interest rates and modest risk costs.

The company's CET1 ratio, a measure of solvency for European banks, rose 0.3 percentage points from the previous quarter to 14.8%, above the current requirement of 10.73%. ING also registered a 118 million euro net release of provisions for its Russia-related portfolio due to a further reduction of its exposure.

"We do not see a future for ourselves in Russia," CEO Steven van Rijswijk said in a call with journalists.

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