INGA ING Groep NV

   By Elena Vardon 
 

ING Groep beat expectations as it reported a jump in its net profit for the second quarter of 2023 after interest income boosted its revenue .

The Dutch bank on Thursday posted a net profit of 2.155 billion euros ($2.36 billion) for the three months to June 30 compared with EUR1.18 billion a year earlier and exceeding the EUR1.64 billion expected in a company-compiled consensus.

Total income for the quarter came in 23% ahead at EUR5.76 billion, beating consensus estimates of EUR5.50 billion. This included EUR4.06 billion in net interest income--the difference between what banks earn on loans and pay clients for deposits--against consensus of EUR4.13 billion. Its interest margin was 1.56% for the quarter, it added.

"The current interest rate environment drove income growth in both retail and wholesale banking, with continued deposit inflows across our retail markets," Chief Executive Steven van Rijswijk said

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 14.9% at the end of the period compared with 14.8% a quarter earlier, and 14.6% consensus, it said.

The lender declared an interim dividend of EUR0.35 a share compared with EUR0.17 a year prior, and consensus's expected EUR0.31 payout.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 03, 2023 01:30 ET (05:30 GMT)

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