Shares in Dutch bank ING were up this morning as it reported better than expected third quarter results, despite profits getting hammered by a €775m fine.
Net profits came in at €776m (£684m), a 44.6 per cent fall compared to the same period last year.
Reuters reported that analysts had been expecting net profit to be €630m, sending shares up over six per cent as ING beat expectations.
ING’s chief financial officer, Koos Timmermans, stepped down in light of the penalty, issued after the bank's lack of due diligence allowed people to launder money through their bank accounts undisturbed for six years.
But the bank's performance in the third quarter, excluding the fine, impressed the markets.
Revenues increased by 5.4 per cent to €4.65bn, and underlying profit before tax, which does not include the fine, increased 6.5 per cent to €2.12bn.
Ralph Hamers, chief executive of ING Group, said: “The settlement did have an impact on our reputation and quarterly results.”
“As a bank, we have the responsibility to ensure that our operations meet the highest standards, especially when it comes to securing the integrity of our own operations and that of the financial system,” he added.
“Commercial momentum was strong in the third quarter of 2018 and ING recorded continued business growth at resilient margins.”