ING Groep reported strong Q2 net profits of €1.46bn ($1.7bn), up 4.9x YoY. Profits were helped by a €91mn ($107mn) net release from loan loss provisions as compared to a charge of €1.3bn ($1.5bn) in the same period last year. Tthe group’s fee income rose 18% to €855mn ($1bn) and expenses (ex-regulatory costs) fell ~11% to €2.3bn ($2.7bn) with ING seeing its cost-to-income ratio improve to 56.3%, down 350bp. Its CET1 ratio stood at 15.7%, up 20bp YoY.
ING’s USD 6.875% Perp was flat at 103.8, yielding 1.2%.
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