ING Groep 4Q Net Profit Rose 25%
06 Février 2019 - 7:50AM
Dow Jones News
By Ian Walker
ING Groep NV (INGA.AE) Tuesday reported a 25% rise in
fourth-quarter net profit, reflecting continued business growth at
resilient margins, higher net commission and fee income and lower
risk costs.
For the quarter ended Dec. 31, the Dutch bank made a profit of
EUR1.27 billion ($1.45 billion) compared with EUR1.02 billion in
the same period a year earlier. This compares with consensus
forecasts of EUR1.14 billion, taken from FactSet and based on six
analysts' forecasts.
However, stripping out exceptional and other one-off items, the
bank made an adjusted pretax profit of EUR1.69 billion, compared
with EUR1.56 billion a year earlier and analysts' forecasts of
EUR1.56 billion, also taken from FactSet and based on five
analysts' expectations.
Net interest income rose to EUR3.57 billion from EUR3.51 billion
for the fourth quarter of 2017.
ING said its fully-loaded common equity Tier 1 ratio, a measure
of a bank's financial strength, at Dec. 31 stood at 14.5%, the same
as the comparable period last year.
Chief Executive Ralph Hamers said the board stepped up cost
savings in the period and sees a need for further cost discipline
as it expects lower lending growth in wholesale banking, possible
increases in regulatory expenses and continued challenges in the
financial markets.
The board has declared a final dividend of 44 cents a share,
taking the total payout for the year to 68 cents.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
February 06, 2019 01:35 ET (06:35 GMT)
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