ING reports rising profits in Q2

by Richard Kilner

Story link: ING reports rising profits in Q2

Dutch bank ING has reported its financial results for the second quarter of the year, with underlying net profit of €1,202m, sixfold the profits of the same period last year (€212m).

The quarter’s underlying net income was also an improvement on Q1 2010, when ING made €1,018m.

ING recorded net income of €1,090m, up from €71m, with net profit per share rising from €0.03 to €0.29.

For the first six months of the year the firm made an underlying net profit of €2,220m, a return to the black after suffering a €23m underlying net loss in the same period last year.

Chief Executive Officer Jan Hommen has welcomed the increasing momentum the bank enjoyed in the second quarter, during which market conditions improved.

Hommen went on to say that measures taken by the bank had reduced its vulnerability to market shocks, and that ING easily passed the European Union’s stress tests last month.