ING Posts Rise In Q3 Profit

ING Groep NV

posted a rise in its net profit for the third quarter. ING posted a quarterly profit of EUR928 million, versus a year-ago profit of EUR128 million. However, analysts were expecting a profit of EUR1.1 billion. ING Bank posted an underlying net profit of EUR 1,123 million, versus a year-ago profit of EUR 820 million. Its underlying pre-tax profit from banking came in at 1.5 billion euros ($1.88 billion), versus analysts' estimates of 1.4 billion. The bank's underlying interest margin widened to 1.53% versus 1.44%, while provisions for loan losses declined 41.7%. “Since launching our ‘Think Forward' strategy seven months ago, we have been working harder than ever to deliver on our customer promises and strategic purpose of empowerment,” said Ralph Hamers, CEO of ING Group. “It is encouraging to see our efforts reflected so positively in our strong commercial and financial results for this quarter.” The bank said it would make the final repayment of its state aid this week. ING shares fell 0.21% to $14.10 in after-hours trading.