ING third quarter profits rise 27% as new strategy pays off

Photo: Wikimedia Commons
Photo: Wikimedia Commons

Dutch financial services group ING said on Thursday it had booked a 27% rise in net profit in the third quarter, after boosting loans to both consumers and companies and attracting more savings.

The bank, which announced last month it is cutting a further 7,000 jobs over the next five years, said its third quarter net profit reached €1.35bn on underlying income up 9% at €4.4bn.

Over the nine months to date, total underlying income was up 22%, ING said.

‘ING delivered another quarterly result that exemplifies our Think Forward strategy in action,’ chief executive Ralph Hamers said in a statement.

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