Dutch financial major ING Group has posted an underlying net profit of EUR1.18 billion for the second quarter of 2014, a rise 19% from EUR901 million a year ago.
The group’s total underlying income was EUR6.693 billion, compared with EUR6.286 billion last year.
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The bank’s common equity tier one capital – a key measure of banks’ strength – improved to 10.5% at the end of June from 10.1% at the end of March. The ECB requires a ratio of 8% throughout a downturn.
ING, which abandoned dividends after its EUR10 billion state bailout in 2008, said it would repay the state aid earlier than planned (May 2015).
ING added that an interim dividend on common shares will not be paid in 2014.
ING Group CEO Ralph Hamers said: "We are moving forward as a stronger, simpler and more sustainable company. I am confident that we are well placed to achieve the strategic priorities of ING Bank while continuing to serve our customers and the communities in which we operate to the best of our ability."
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