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ING's Rising Compliance Costs Cast Shadow Over Client Growth

  • Full-time staff to review clients increased to over 3,000
  • Dutch bank added more than 300,000 clients in second quarter
Updated on

ING Group NV wins hundreds of thousands of new customers every quarter but that’s still not enough to overcome the effects of lower interest rates and increased costs to tackle money laundering.

The Amsterdam-based lender added almost a million primary clients in the last 12 months to reach 12.9 million in the second quarter, according to its financial results on Thursday. But net income rose just 0.6% as earnings from fees and lending were little changed from a year earlier, while staffing expenses climbed.