ING Profit Jumps as Lending Grows
August 03 2016 - 2:20AM
Dow Jones News
AMSTERDAM—ING Groep NV said Wednesday its second-quarter net
profit soared as the Dutch bank saw its loan book grow and managed
to protect margins despite unprecedentedly low interest rates.
The Amsterdam-based bank, the Netherlands' largest lender by
assets, said net profit was €1.3 billion ($1.46 billion) in the
three months to the end of June, up from €358 million in the same
period a year earlier. Underlying net profit, which excludes asset
disposals, rose 27% to €1.4 billion.
ING said its latest results were lifted by strong growth of its
loan book, which expanded by €14.8 billion in the quarter, with an
improved performance at its financial-markets division and a drop
in loan-loss provisions.
The bank's underlying interest margin, the difference between
the rate at which it borrows and lends, remained relatively robust
despite ultralow interest rates. It was 1.50% compared with 1.43%
last year and 1.51% in the previous quarter.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
August 03, 2016 02:05 ET (06:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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