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ING Group Q2 net result skyrocketed

Staff Writer |
ING Group (ING) reported that its net result for the second quarter 1.295 billion euros compared with 358 million euros in the second quarter of 2015. Quarterly net result per share was 0.33 euros, up from 0.09 euros in the prior year.

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In the second quarter of 2015, ING Group's net result included negative 1.113 billion euros for the legacy insurance activities.

Of this amount, negative 1.131 billion euros was related to the discontinued operations of NN Group, mainly due to the loss of 1.224 billion euros as a result of the further sale and deconsolidation of NN Group at the end of May 2015.

ING Bank underlying net result was 1.417 billion euros, up 26.7% year-on-year, driven by continued lending growth at healthy margins and improved performance in Financial Markets. The results include a gain on the sale of Visa shares, as well as certain one-off expense items that offset each other in the quarter.

Total underlying income grew to 4.547 billion euros from 4.171 billion euros last year.

Core lending grew by 14.8 billion euros in the latest-quarter as ING continues to provide financing to clients across geographies and sectors.

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