ING Group Sees Earnings Surge Amid Stake Reduction
Royal Bank of Canada (RBC) sold 164,475 shares of ING Group N.V. (ING), reducing its stake in the company by 4.5% during the first quarter. This disclosure was made to the Securities and Exchange Commission (SEC). At the end of the quarter, RBC owned 3,486,315 shares of ING's stock, which represents about 0.12% of the total value of the financial services provider. The market capitalization of ING Group is $100.03 billion.
ING Group reported a second-quarter net result of €1.947 billion and EPS of $0.79, exceeding analysts' consensus estimates of $0.75. The bank also cited accelerated growth in its customer base and customer balances. Following the earnings beat, management lifted full-year total-income guidance to more than €24.5 billion.
ING declared a €0.458-per-share dividend for shareholders of record on August 10, payable August 17. This payment provides a near-term income catalyst, although the reported 262% yield appears inconsistent with the dividend amount and share price.