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Shell shares rose nearly 3% after the company reported doubled quarterly profit and announced a $5 billion buyback. ING fell almost 4% despite higher earnings, as investors had hoped for more.
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Shell shares rose by nearly 3% and ING fell almost 4% in Amsterdam on Thursday after the two Dutch financial groups reported quarterly results that prompted contrasting investor reactions.
Shell said its profit had doubled in the latest quarter, helped by high oil and gas prices linked to the war in the Middle East. The energy company plans to buy back $5 billion of its own shares. Chief executive Wael Sawan described the results as very strong.
ING’s profit also increased, as higher interest income lifted earnings, but investors had expected more. The bank said it would cut 400 jobs worldwide in its investment banking business. It also announced a €250 million dividend and a share buyback programme worth nearly €1.7 billion.
The wider mood in Amsterdam was cautiously positive despite mixed results from major technology companies including Alphabet, Microsoft and Samsung. Shortly after the market opened, the AEX index was up 0.1% at 1,137.03 points.
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