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ING to book additional provision of about 75 million euros in Q3

·1-min read
FILE PHOTO: The logo of ING bank is pictured at the entrance of the group's main office in Brussels

(Reuters) - Dutch bank ING Group announced on Friday it expects to book an additional provision of about 75 million euros ($75 million) in its third quarter results, citing amendment of Dutch retail customers' compensation.

The bank said its Netherlands division will amend compensation to customers with certain consumer credit products where the variable interest rate did not sufficiently follow market rates.

"This is in addition to the previously announced provision of 180 million euros booked in the third quarter of 2022," the bank adds.

($1 = 0.9981 euro)

(Reporting by Michal Aleksandrowicz in Gdansk; editing by Jonathan Oatis)