ING announced on Thursday the implementation of a new €1.6bn share buyback program, demonstrating its confidence in its ability to generate cash flow after a Q3 that exceeded expectations.

The Dutch banking group has also revised its targets for 2025 upwards, now forecasting net banking income of around €22.8bn, compared with a previous estimate of €22.6bn, thanks to the arrival of new customers, a factor that, in its view, more than offsets the current economic and geopolitical uncertainties.

It is also targeting a return on equity (ROE) of 13% at the end of the financial year, compared with 12.5% previously.

The financial institution, which says it is continuing to pursue its strategy of accelerating growth, also said it is well on track to achieve its targets for 2027.

In the third quarter, its net banking income fell by 0.2% to less than €5.9bn, while its net profit fell by 4.9% to €1.79bn, although the latter figure exceeded the market consensus of €1.65bn.

In retail banking, ING says it is currently recruiting new mobile customers at an annualized rate of 1.1 million, above its target of 1 million per year.

ING also announced the launch of a new €1.6bn share buyback program after recently completing its €2bn plan, which was formalized last May.

On the Amsterdam Stock Exchange, ING shares rose 4.8% on the basis of these developments, returning to their highest levels since 2007, before the financial crisis.