AMSTERDAM (dpa-AFX) - Dutch banking firm ING Group NV (ING) reported that its fourth-quarter 2019 net result was 880 million euros, down 30.9% from 1.273 billion euros in the fourth quarter of 2018. Net result per share declined to 0.23 euros from 0.33 euros in the previous year.
The net result in the fourth quarter of 2018 had included a 35 million euros net result from Insurance Other, which reflected the profit made on the termination of the warrant agreement between NN Group and ING in November 2018.
Underlying result before tax was 1.337 billion euros, down 21.0% from the year-ago quarter due to higher operating expenses and risk costs and slightly lower underlying income.
ING's underlying net result was 880 million euros, down 28.9% year-on-year.
Total underlying income decreased 1.4% to 4.439 billion euros from the prior year, reflecting lower income at Wholesale Banking, mainly due to negative valuation adjustments in Financial Markets.
Underlying net interest income rose to 3.597 billion euros from 3.571 billion euros in the year-ago quarter, despite continued pressure from the low interest environment. The increase was supported by higher interest results in Financial Markets, the Corporate Line and some oneoffs.
Net fee and commission income rose to 735 million euros from 704 million euros one year ago.
The company proposed a full-year 2019 cash dividend of 0.69 euros per share, of which an interim dividend of 0.24 euros was paid in August 2019.
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