The retail banking arm of Dutch lender ING Group has posted an underlying profit before tax of EUR897m for the second quarter of 2015, down 4.67% compared to EUR941m in the year ago quarter.
The unit’s total underlying income increased marginally by 0.52% to EUR2.69bn from EUR2.67bn a year earlier.
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The group’s retail banking attracted EUR6.7bn in net customer deposits during the quarter, while net customer lending grew by EUR3.9bn.
The unit’s operating expenses soared 5.37% to EUR1.55bn from EUR1.47bn a year ago. The increase was mainly driven by business growth in the retail challengers & growth markets, IT investments in the Netherlands and higher regulatory costs in Belgium, the bank said in its earnings statement.
The cost/income ratio for the retail banking unit was 57.6% compared to 55% in the prior year quarter.
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