ING Q2 Profit Drops - Quick Facts

(RTTNews) - Dutch bancassurer ING Group N.V. (ING) posted lower second-quarter net profit of 788 million euros or 0.21 euros per share, including discontinued operations, special items and divestments, compared with 1.29 billion euros, or 0.34 euros per share last year. On an underlying basis, Group net profit slid 15.1% year-over-year to 942 million euros, from 1.11 billion euros.

Underlying pre-tax profit amounted to 1.29 billion euros, down 1.3% from the prior year's 1.31 billion euros.

Despite higher risk costs reflecting the challenging economic climate, ING Bank posted quarterly underlying pre-tax profit of 1.15 billion euros. ING Bank's core Tier 1 ratio slid to 11.8% from 12.3%, mainly as result of the EUR 1.8 billion of dividends paid, which was only partially compensated by the quarterly net profit.

ING said it has maintained strong capital ratios; and shareholders' equity ended the quarter at 49.9 billion euros.