ING Profit Lifted as Bad Loans Fall
November 04 2015 - 2:06AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--Dutch bank ING Groep NV on Wednesday recorded a
bigger-than-expected rise in third-quarter net profit, boosted by
its retail banking operations and lower loan-loss provisions.
The Netherlands' largest bank by assets said net profit rose 15%
to EUR1.06 billion ($1.49 billion). Underlying pretax profit, which
strips out divestments and other special items, rose 1% to EUR1.5
billion.
The results slightly beat analysts' expectations and were
boosted by an improved performance of ING's retail bank, which
recorded a 10% rise in underlying pretax profit as it benefited
from lower loan-loss provisions in the Netherlands and Belgium.
This helped cushion the impact of a weaker performance of the
commercial bank, which saw profit fall 24% in part due to lower
income at the financial markets division.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 04, 2015 01:51 ET (06:51 GMT)
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