The Netherlands: Banking Industry - ING Bank reported a sharp rise in second-quarter net profit

ING NV reported a sharp rise in second-quarter net profit, boosted by one-time gains and lower provisions for bad loans, as the Dutch bank edges closer to fully rid itself from Dutch government support.

The Netherlands' largest bank by assets on March 3 said net profit for the quarter came in at €1.07 billion ($1.43 billion), compared with €895 million in the same period last year as profit at its insurance business more than quadrupled to €245 million despite lower operational results. 
 
The insurance business benefited from revaluations on a private equity portfolio and a €79 million gain on a closed book of Japanese variable annuities.

Net profit at its banking business dropped by 1.6% to €806 million, despite a 34% drop in loan loss provisions to €405 million, which was offset by higher taxes, a payment for its contribution to the nationalization of Dutch peer SNS Reaal in 2013 and restructuring costs at its Dutch Retail bank.

EU-Digest