ING Groep Third Quarter Hit by Regulatory Fine
November 01 2018 - 2:50AM
Dow Jones News
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)
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