ING: quarterly earnings hit by settlement agreement

(CercleFinance.com) - ING Group has reported net profit that is down 43.
6% at 776 million euros for the past quarter, burdened by a 775 million charge related to the agreement reached in early September with the Dutch courts to halt prosecution for money laundering.

However, underlying pre-tax profit increased by 6.5% to 2.12 billion euros, reflecting continued growth of the business at resilient margins, a low level of risk provisions and controlled expenditure.

Regarding its commercial performance, the Dutch financial institution had 38 million retail customers at the end of the third quarter, including 12.2 million primary customers (+200,000 over three months).



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