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11/5/2020, 7:07 AM (Source: TeleTrader)
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ING's income declines 7.3% to €4.3B in Q3

ING Groep's income declined by 7.3% year on year in the third quarter and came in at €4.3 billion, the company said on Thursday. Meanwhile, its net result dropped 41.4% in the same period to €788 million and its earnings per share were reported at €0.20, compared to €0.35 twelve months ago.

"The pandemic continues to have a significant impact everywhere, with the second wave in Europe and the US putting further pressure on consumers and businesses. Looking back, ING’s third-quarter results were resilient, with increased fee income from diversified income sources, coupled with good cost control and lower risk costs. We saw a reduction in net interest income resulting from margin pressure on liabilities combined with lower lending demand. ," ING CEO Steven van Rijswijk said.

The bank added that its new long-term CET1 ratio ambition level is 12.5%, which is some 200 basis points over current minimum regulatory requirements.

Breaking the News / VP