Dutch banking major ING Group has reported net income of EUR1.176bn for the fourth quarter of 2014, a surge of 87% compared to EUR626m reported a year ago.
However, the group’s quarterly underlying pretax profit dropped 13% to EUR783m.
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The lender said its provisions against bad loans declined 29% to EUR400m.
ING plans to pay a cash dividend of EUR470m, 12 cents per ordinary share, which will be its first payout since it was bailed out by the government during the 2008 financial crisis.
The Dutch bank added that it remains committed to reaching its Ambition 2017 targets.
Commenting on the results, ING Group CEO Ralph Hamers said, "ING Bank posted a strong set of full-year 2014 results, despite some headwinds in the fourth quarter…Our fourth-quarter result was dampened by redundancy provisions related to these actions, the annual Dutch bank tax and negative CVA/DVA impacts which lowered the underlying result before tax to EUR783m."
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