ING 3Q Net Profit Nearly Halved, Missing Market Views
November 05 2020 - 1:52AM
Dow Jones News
By Sabela Ojea
ING Groep NV reported Thursday a significant fall in net profit
for the third quarter of 2020, missing views for net profit but
beating net interest income views, and said that its set of results
was resilient, with increased fee income and continued operational
cost control.
The Dutch bank posted a net profit of 788 million euros ($923.7
million) for the third quarter of the year compared with EUR1.34
billion for the same period a year earlier. Net profit was expected
to decline to EUR1.01 billion, taken from FactSet and based on
three analysts estimates.
Net interest income fell to EUR3.33 billion from EUR3.53
billion. It was expected to decrease to EUR3.27 billion, also taken
from FactSet and based on four analyst estimates.
The bank said its net interest income decreased as its customer
deposits declined due to lower interest margins on both savings and
current accounts. "Although the overall lending margin remained
stable, net interest income on customer lending declined slightly
due to lower average volumes," it said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 05, 2020 01:37 ET (06:37 GMT)
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