Dutch financial major ING Group has posted an underlying net profit of 1.12bn for the third quarter of 2014, a 36% rise from 820m a year ago.
The group’s total underlying income for the quarter stood at 3.94bn, an increase of 4% compared with 3.77bn during the same period last year.
Go deeper with GlobalData
In ING banking, the underlying result before tax climbed 34.7% to 1.48bn, reflecting higher interest results and a decline in risk costs.
ING supported customers with 3.3bn in net lending, funded by 4.3bn of net funds entrusted.
Ralph Hamers, CEO of ING Group, said: "Since launching our ‘Think Forward’ strategy seven months ago, we have been working harder than ever to deliver on our customer promises and strategic purpose of empowerment. It is encouraging to see our efforts reflected so positively in our strong commercial and financial results for this quarter.
"The third-quarter underlying result before tax rose 34.7% year-on-year and 16.3% sequentially to EUR 1,486 million, reflecting higher interest results and lower risk costs. This robust performance supported an increase in the year-to-date underlying return on IFRS-EU equity to 11.4%, in line with our ambition 2017 target range," he added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
