ING Groep 2Q Net Profit Rises; on Track to Achieve Strategic Milestones
August 02 2017 - 1:17AM
Dow Jones News
By Razak Musah Baba
ING Groep N.V. (INGA.AE) on Wednesday recorded a slight rise in
second-quarter net profit, helped by volume growth and higher
commission income, and said it is on track to achieve its strategic
milestones.
The Dutch banking and financial services group's net profit from
continuing operations for the second quarter ended June 30 was up
0.9% at 1.37 billion euros ($1.62 billion) compared with EUR1.36
billion a year earlier. Net interest income during the period rose
to EUR3.36 billion from EUR3.27 billion in the second quarter of
2016, ING said. The company declared an interim cash dividend of
EUR0.24 a share over the first half of 2017, which is equal to the
amount paid over the first half of 2016.
ING Group's four-quarter rolling ROE, or return on equity, was
10.8% and fully loaded common equity Tier 1, or CET1, ratio was
stable at 14.5%, it said.
In the second quarter of 2017, ING Group's underlying pretax
result was driven by the continued volume growth at resilient
interest margins, higher commission income and a one-time gain on
the sale of an equity stake in the real-estate run-off portfolio,
Chief Executive Ralph Hamers said.
"Our second-quarter performance confirms that the core elements
of our strategy are as relevant as ever in the fast-changing worlds
of banking and technology, and that we are able to execute steadily
on our priorities. We're on the right track to achieve our
strategic milestones while continuing to support our growing
customer base as we build the bank of the future," Mr. Hamers
said.
Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
August 02, 2017 02:02 ET (06:02 GMT)
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