Dutch banking group ING Group has reported net profit of €1.35bn for the third quarter of 2016, a surge of 26.8% from €1.06bn in the year ago period.

Underlying net profit was €1.33bn, a jump of 22.3% from €1.09bn a year ago. Underlying result before tax surged 25.6% to €1.88bn from €1.49bn a year earlier.

The group's total underlying income stood at €4.36bn, a rise of 9% from €4bn in the third quarter of 2015.

Operating expenses during the third quarter of 2016 were €2.22bn, a decrease of 1.2% compared to previous year.

Commenting on the performance, ING Group CEO Ralph Hamers said: “ING delivered another quarterly result that exemplifies our Think Forward strategy in action. We again recorded solid commercial growth and introduced several new innovations.

“Year-to-date, we have established over 400,000 new primary customer relationships. To foster further growth and maintain our standing as a leading European bank, we strive to keep getting better every day, while managing the pressure on returns from the continuous regulatory burden and the low interest rate environment.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.