Banking group ING booked net profit of €1.3bn in the second quarter of this year, almost four times that of the same quarter in 2015.
But net profit in 2015 Q1 was depressed by a major write-off and excluding one-offs, Q2 net profit would have been virtually unchanged. The underlying net result was up 26.7% at €1.4m while underlying income rose 9% to over €4.5bn.
ING said it had boosted client numbers by 650,000 in the first six months of the year, that lending rose by €15bn and that it had to set aside less to cover bad debts.
‘We made excellent progress on our Think Forward priorities during the first six months of 2016, which is reflected in positive customer feedback and our successful acquisition of new customers,’ said chief executive Ralph Hamers in a statement.
‘Looking forward to the remainder of this year, we will continue to accelerate the execution of our strategy, while remaining vigilant for political and regulatory uncertainties.’
ING emerged relatively unscathed from last week’s European stress tests. Its capital buffers have now risen marginally to 13.1%. The European central bank accepts 8% as a minimum.