ING's 4Q Net Profit Falls Less than Expected -- Earnings Review
February 12 2021 - 5:45AM
Dow Jones News
By Sabela Ojea
ING Groep NV reported earnings for the fourth quarter of 2020 on
Friday. Here is what you need to know:
NET PROFIT REVIEW: ING reported a net profit of 727 million
euros ($882.1 million) for the fourth quarter of 2020, from EUR880
million for the year-earlier period. Net profit had been expected
to fall to EUR456.2 million, according to a forecast taken from
FactSet and based on two analysts' estimates.
UNDERLYING PRETAX PROFIT REVIEW: The Dutch bank's underlying
pretax profit declined to EUR1.05 billion from EUR1.34 billion for
the year-earlier period. It had been expected to decrease to
EUR895.4 million, according to a forecast taken from FactSet and
based on two analysts' estimates.
WHAT WE WATCHED:
-COSTS: ING's total operating expenses rose to EUR2.91 million
in the fourth quarter from EUR2.68 billion in the year-earlier
period. These expenses included EUR331 million of regulatory costs
and EUR223 million of incidental costs due to restructuring
provisions and impairments, as well as a provision for customer
claims in the Netherlands.
-CET1 RATIO: The bank's common equity Tier 1 ratio stood at
15.5% at the end of the quarter, compared with 15.3% at the end of
the third quarter. ING set a new CET1 ratio target of around 12.5%
in November.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 12, 2021 05:30 ET (10:30 GMT)
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