ING: shares drop after profit misses consensus
(CercleFinance.com) - ING shares fell on Wednesday after the Dutch financial group missed the consensus with its fourth-quarter results.
ING this morning said it made a pre-tax profit of 1.56 billion euros in the fourth quarter 2017, down 20% year-on-year, and less than the 1.67 billion predicted by the market.
"Fourth quarter results were impacted by one-off costs, although underlying earnings are solid," analysts at Oddo said this morning, maintaining a "reduce" rating on the shares.
While results were affected by loan-loss provisions and write-offs, ING managed to grow its retail customer base by 500,000 to 37.4 million at the year-end, including a 900,000 increase in the number of primary customers to 10.8 million.
However, this performance was not enough to boost the share, which was down 1.1% at 15.9 euros on Euronext Amsterdam this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
ING this morning said it made a pre-tax profit of 1.56 billion euros in the fourth quarter 2017, down 20% year-on-year, and less than the 1.67 billion predicted by the market.
"Fourth quarter results were impacted by one-off costs, although underlying earnings are solid," analysts at Oddo said this morning, maintaining a "reduce" rating on the shares.
While results were affected by loan-loss provisions and write-offs, ING managed to grow its retail customer base by 500,000 to 37.4 million at the year-end, including a 900,000 increase in the number of primary customers to 10.8 million.
However, this performance was not enough to boost the share, which was down 1.1% at 15.9 euros on Euronext Amsterdam this morning.
Copyright (c) 2018 CercleFinance.com. All rights reserved.