ING: fourth-quarter profit drops on costs, negative rates
(CercleFinance.com) - Dutch financial group ING on Thursday reported lower fourth-quarter net profit, partly due to the pressure of negative interest rates.
ING's fourth-quarter net profit came in at 880 million euros, down from 1.27 billion euros the previous year.
"The fourth quarter of 2019 proved challenging," Ralph Hamers, ING's CEO, said in a statement.
While commercial momentum continued in the fourth quarter, as the number of primary clients grew by more than 200,000 in the past quarter, earnings fell, due to higher risk costs and higher expenses, the bank said.
Indeed, ING recorded a 4.5% rise in underlying expenses for 2019.
Even so, the shares were up 1.4% on Euronext Amsterdam after these results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
ING's fourth-quarter net profit came in at 880 million euros, down from 1.27 billion euros the previous year.
"The fourth quarter of 2019 proved challenging," Ralph Hamers, ING's CEO, said in a statement.
While commercial momentum continued in the fourth quarter, as the number of primary clients grew by more than 200,000 in the past quarter, earnings fell, due to higher risk costs and higher expenses, the bank said.
Indeed, ING recorded a 4.5% rise in underlying expenses for 2019.
Even so, the shares were up 1.4% on Euronext Amsterdam after these results.
Copyright (c) 2020 CercleFinance.com. All rights reserved.