ING Profit Lifted by Loans and Deposits

By Maarten van Tartwijk

AMSTERDAM--ING Groep NV (ING) reported a 27% rise in third-quarter net profit as the Dutch bank benefited from loan and deposit growth.

The Netherlands' largest bank by assets said net profit was 1.35 billion euros ($1.50 billion) in the three months to the end of September, up from EUR1.06 billion a year ago. Underlying net profit, which strips out one-off items, rose 22% to EUR1.34 billion.

ING said its loan book expanded by EUR3.6 billion in the quarter, while it also attracted EUR2 billion in customer deposits. The bank's net interest result, its key source of income, rose 8% to EUR3.39 billion, while its net interest margin expanded to 1.55% from 1.50% in the previous quarter.

ING last month said it would scrap 7,000 jobs in the next couple of years as it seeks to reduce costs and invest in expanding its digital operations. The bank is planning to cut 3,500 jobs in Belgium and 2,300 in the Netherlands.

-Write to Maarten van Tartwijk at [e-mail]

(END) Dow Jones Newswires

November 03, 2016 02:46 ET (06:46 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.