ING Group Q3 Net Result Increases

(RTTNews) - Dutch banking firm ING Group NV (ING) reported that its third-quarter net result rose slightly to 1.376 billion euros from 1.349 billion euros in the third quarter of 2016. Net result per share for the quarter was flat with last year at 0.35 euros.

ING posted strong third-quarter 2017 results, primarily driven by continued business growth at resilient interest margins and lower risk costs.

Quarterly underlying result before tax was 1.995 billion euros, up from 1.878 billion euros one year ago. The increase was due to lower risk costs and slightly higher income, partly off set by higher expenses.

Total underlying income was slightly higher at 4.408 billion euros compared with 4.363 billion euros in the third quarter of 2016, which included a release of reserves in the Corporate Line and a 32 million euros gain from the sale of Kotak Mahindra Bank shares, whereas the latest quarter included a 24 million euros gain on the sale of MasterCard shares in Turkey.

Underlying net interest income increased 3.1% to 3.490 billion euros from 3.385 billion euros in the third quarter of 2016.

Net commission income rose 6.3% to 643 million euros from 605 million euros in the third quarter of 2016. The increase was recorded in most segments and products, with relatively strong growth in Retail Challengers & Growth Markets and in Retail Netherlands.

ING grew retail customer base in the third-quarter of 2017 by 400,000 to 36.9 million, and primary relationships reached 10.5 million.