By Ian Walker
ING Groep NV on Thursday reported a 73% rise in net profit for the third quarter of the year after booking a 775 million-euro ($861.8 million) charge last year relating to a fine from the Dutch Public Prosecution Service.
The Dutch lender /zigman2/quotes/203566071/composite ING +2.12% /zigman2/quotes/203351007/delayed NL:INGA +1.99% made a net profit of EUR1.34 billion for the quarter, up from EUR776 million for the same period last year but lower than consensus forecasts of EUR1.37 billion, taken from FactSet and based on three analysts’ forecasts.
Underling pretax profit — one of the bank’s preferred metrics, which strips out exceptional and other one-off items — was EUR1.91 billion compared with EUR2.12 billion for the third quarter of 2018. Consensus forecast was EUR1.91 billion, taken from FactSet and based on three analysts’ forecasts.
Net interest income rose 0.8% to EUR3.53 billion.
ING’s common equity Tier 1 ratio--a key measure of balance sheet strength--stood at 14.6% at Sept. 30, from 14% at Sept. 30, 2018.