ING 4Q Missed Market Views; Net Profit Fell
06 Febbraio 2020 - 7:56AM
Dow Jones News
By Sabela Ojea
ING Groep NV (ING) on Thursday reported a significant fall in
net profit for the fourth quarter of 2019, reflecting increases in
risk costs, expenses and effective tax rate.
The Dutch bank made a net profit of 880 million euros ($972.4
million) for the three months ended Dec. 31 compared with EUR1.27
billion for the same period a year earlier. This compares with a
consensus forecast of EUR1.14 billion, taken from FactSet and based
on the views of five analysts.
Underlying net profit also decreased to EUR880 million from
EUR1.24 billion in the year-earlier period. Citi group said Monday
that ING was forecast to report an underlying net attributable
profit of EUR1.14 billion, which the U.S. bank attributed to a
slightly better net interest income offsetting marginally worse
costs and provisions.
The lender's underlying pretax profit--one of the bank's
preferred metrics, which strips out exceptional and other one-off
items--was EUR1.34 billion compared with EUR1.69 billion for the
fourth quarter of 2018. Underlying pretax profit was expected to be
EUR1.62 billion, according to FactSet and based on three analysts'
estimates.
Net interest income rose to EUR3.60 billion, while total
underlying income fell to EUR4.44 billion from EUR4.50 billion.
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--was 14.6%. Citi said Monday that the bank's CET1 ratio
should come in at 14.8%.
The board declared a final dividend of 69 European cents a
share, up from 68 cents for the prior year.
ING said its net core lending reached EUR2.0 billion in the
fourth quarter of 2019 compared with EUR3.2 billion for the same
period in 2018.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 06, 2020 01:41 ET (06:41 GMT)
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