THE HAGUE: Dutch bank ING, the country’s biggest lender, said on Wednesday that its second-quarter operating profits rose by more than a quarter as it boosted lending.
Underlying net profit, which strips out one-off items, rose by 26.7 percent to 1.4 billion euros ($1.6 billion).
Net profit more than quadrupled to 1.3 billion euros, but the huge increase was due to the fact ING booked in the second quarter last year 1.1 billion in losses as it lowered its stake in domestic insurer NN Group.
The bank managed to boost lending by nearly 15 billion euros from the same period last year and also increased profitability.
Chief executive Ralph Hamers said ING’s customer-first approach continues “…to generate strong commercial growth and quarterly net profits”, noting the bank added approximately 650,000 new retail clients in the first half of the year.
The bank’s shares jumped 5.9 percent higher in an Amsterdam market down 0.1 percent overall.