Dutch banking group ING Group has reported net profit of €1.35bn for the third quarter of 2016, a surge of 26.8% from €1.06bn in the year ago period.

Underlying net profit was €1.33bn, a jump of 22.3% from €1.09bn a year ago. Underlying result before tax surged 25.6% to €1.88bn from €1.49bn a year earlier.

The group's total underlying income stood at €4.36bn, a rise of 9% from €4bn in the third quarter of 2015.

Operating expenses during the third quarter of 2016 were €2.22bn, a decrease of 1.2% compared to previous year.

Commenting on the performance, ING Group CEO Ralph Hamers said: “ING delivered another quarterly result that exemplifies our Think Forward strategy in action. We again recorded solid commercial growth and introduced several new innovations.

“Year-to-date, we have established over 400,000 new primary customer relationships. To foster further growth and maintain our standing as a leading European bank, we strive to keep getting better every day, while managing the pressure on returns from the continuous regulatory burden and the low interest rate environment.”

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By GlobalData