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ING Q3 Net Result Rises - Quick Facts

Dutch banking firm ING Group NV (ING) reported that its net result for the third-quarter 2019 rose to 1.34 billion euros from 776 million euros in the third quarter of 2018. Quarterly net result per share grew to 0.35 euros from 0.20 euros in the prior year.

The prior year net result had been negatively affected by the 775 million euros settlement agreement with the Dutch authorities on regulatory issues that had been recorded as a special item. It also included a 36 million euros net result from Insurance Other.

But, underlying net result declined to 1.34 billion euros from 1.52 billion euros in the year ago quarter.

Total underlying income decreased slightly by 20 million euros or 0.4% to 4.63 billion euros from last year, reflecting lower valuation result and net trading income, largely offset by higher interest results and higher net fee income, as well as a higher annual dividend from Bank of Beijing.

The company said it recorded higher expenses mostly related to know your customer or KYC programme and an increase in risk costs. Net customer deposits grew by 4.4 billion euros in the quarter.

Total net core lending, however, declined by 1.0 billion euros due to a 4.6 billion euros drop in Wholesale Banking, partly related to the development of the oil prices and the repayment of some larger term loans.

Net core lending in Retail Banking grew by 3.6 billion euros, primarily in mortgage.

Retail primary customers rose by 165,000 to 13.1 million in the latest-quarter. Total retail customer base reached 38.7 million.

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