ING Profit Jumps as Lending Grows

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 [e-mail]

(END) Dow Jones Newswires

August 03, 2016 02:05 ET (06:05 GMT)

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