ING Q2 Profit Rises; Primary Customer Base Up 227,000

(RTTNews) - ING (ING) reported second-quarter net profit of 2.15 billion euros compared with 1.18 billion euros, prior year. The company said the increase reflects strong income growth, while operating expenses declined and risk costs remained limited.

Total income was at 5.76 billion euros, up 23.0% from prior year. Net interest income - excl. net TLTRO impact - was 4.06 billion neuros, an increase of 19.8%. Year-on-year, net interest income was supported by a strong increase of interest margins on liabilities, ING said. Net fee and commission income was 912 million euros, up 2.7%.

"Our primary customer base grew by 227,000 to 14.9 million. The number of mobile payment transactions increased by 18% in the quarter and was 37% higher than in the second quarter of 2022. The share of mobile-only customers is now 60%," said Steven van Rijswijk, CEO of ING.

An interim dividend of 0.35 euros per ordinary share will be paid in cash on 14 August 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.