Dutch banking major ING Group has reported net result of EUR1.36bn for the second quarter of 2015 including Insurance results and NN deconsolidation, up 27% compared to EUR1.06bn reported a year ago.
The group’s total underlying income was EUR4.17bn, compared with EUR3.78bn in the second quarter of 2014.
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The Dutch group’s operating expenses during the period increased to EUR2.21bn from EUR2.09bn a year ago.
The bank’s common equity tier one ratio improved to 12.3% at the end of the second quarter, following the further sell-down and subsequent deconsolidation of NN Group.
ING said that will pay an interim cash dividend of EUR0.24 per ordinary share, equal to 40% of the underlying net Group result realised in the first half of 2015.
The group reiterated its intention to pay a full-year dividend of at least 40% of ING Group’s total annual net profits.
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By GlobalDataING Group CEO Ralph Hamers said: "We also achieved a key milestone in our restructuring by reducing our stake in NN Group to 37.6% and deconsolidating it from our accounts, thereby ending restrictions on price leadership and acquisitions.
"ING Bank’s second-quarter underlying result before tax was EUR 1,601 million, up 25.3% year-on-year, driven by robust loan and deposit growth and lower risk costs."
