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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ING Groep NV | NYSE:ING | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.13 | 0.76% | 17.18 | 17.21 | 17.0022 | 17.10 | 4,083,595 | 01:00:00 |
By Adam Clark
ING Groep NV (INGA.AE) said Thursday that its first-quarter profit fell after higher costs and provisions for bad loans outweighed a rise in income.
The Dutch lender made a net profit of 1.12 billion euros ($1.26 billion) for the quarter, down 8.7% from the year-earlier period. Underlying pretax profit fell 6.2% to EUR1.58 billion.
Chief Executive Ralph Hamers said ING's profit was hit by an increase in loan risk and pressure from low interest rates across the eurozone.
The bank's underlying income rose 2.7% to EUR4.58 billion.
ING generated EUR8.7 billion in net core lending growth and its interest margin remained stable at 1.54%.
ING's quarterly return on equity stood at 9.0%, or 11.0% on a four-quarter rolling average. Its common equity Tier 1 ratio --a key measure of balance sheet strength-- improved to 14.7% as of March 31 from 14.5% at the end of 2018.
ING didn't comment on recent reports that it made an informal approach about acquiring German lender Commerzbank AG (CBK.XE).
Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones
(END) Dow Jones Newswires
May 02, 2019 01:31 ET (05:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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