ING: third-quarter profit beats, commercial momentum 'solid'
(CercleFinance.com) - Dutch financial services group ING has beaten profit estimates on Thursday, helped by growth in primary customers and customer deposits.
ING's third-quarter net profit came in at 1.34 billion euros, up from 776 million in the third quarter 2018, a number that had been negatively affected by a settlement agreement with the Dutch authorities on regulatory issues.
Commercial momentum remained solid, the group said, albeit at a slower pace as number of primary customers increased by 165,000, and net customer deposits rose by 4.4 billion euros.
CEO Ralph Hamers said the group "performed well" in the wake of the ongoing negative interest rate environment.
ING also announced today that Robert Reibestein, a former partner of consulting firm McKinsey, has decided to resign from the supervisory board due to ongoing personal health issues.
The market's reaction to the quarterly report was not so positive, and the Amsterdam-listed ING share was down 0.5% in mid-morning trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
ING's third-quarter net profit came in at 1.34 billion euros, up from 776 million in the third quarter 2018, a number that had been negatively affected by a settlement agreement with the Dutch authorities on regulatory issues.
Commercial momentum remained solid, the group said, albeit at a slower pace as number of primary customers increased by 165,000, and net customer deposits rose by 4.4 billion euros.
CEO Ralph Hamers said the group "performed well" in the wake of the ongoing negative interest rate environment.
ING also announced today that Robert Reibestein, a former partner of consulting firm McKinsey, has decided to resign from the supervisory board due to ongoing personal health issues.
The market's reaction to the quarterly report was not so positive, and the Amsterdam-listed ING share was down 0.5% in mid-morning trading.
Copyright (c) 2019 CercleFinance.com. All rights reserved.