INGA ING Groep NV

By Ian Walker

ING Groep NV (INGA.AE) reported on Thursday a near halved net profit for the second quarter, after booking a 775 million euro ($878.8 million) charge relating to a fine by the Dutch Public Prosecution Service.

For the quarter ended Sept. 30, the Dutch bank made a profit of EUR776 million compared with EUR1.38 billion in the same period a year earlier. This compares with consensus forecasts of EUR609 million, taken from FactSet and based on the opinion of five analysts.

However, stripping out exceptional and other one-off items, the bank made an adjusted pretax profit of EUR2.12 billion, compared with EUR2.0 billion a year earlier and analysts' forecasts of EUR1.65 billion, also taken from FactSet and based on five analysts' expectations.

Net interest income rose slightly to EUR3.5 billion from EUR3.49 billion for the third quarter of 2017.

ING said its fully loaded common equity Tier 1 ratio, a measure of a bank's financial strength, at Sept. 30 stood at 14%, compared with 14.5% at Sept. 30, 2017.

On Sept. 4, ING reached a settlement agreement with the Dutch Public Prosecution Service relating to an anti-money laundering investigation. The bank admitted that there were shortcomings in its customer due-diligence policies in the period between 2010 and 2016. These include keeping incomplete records, improperly assigning risk classifications to clients, and failure to exit business relationships quickly enough.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

November 01, 2018 02:35 ET (06:35 GMT)

ING Groep NV (EU:INGA)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

ING Groep NV (EU:INGA)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024