ING 3Q Net Profit Nearly Halved, Missing Market Views

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 [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

November 05, 2020 01:37 ET (06:37 GMT)

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