Dutch banking company ING has reported a net income of €2.15bn for the quarter ended 30 June 2023, an 83% rise compared to €1.17bn for the same quarter the previous year.
The bank reported a profit before tax of €3bn for the second quarter (Q2) of 2023, a 74% increase compared to €1.74bn for the respective quarter in 2022.
ING reported a total income of €5.75bn for Q2 2023, a 23% rise compared to €4.68bn for the corresponding quarter in the previous year.
The Dutch lender reported operating expenses of €2.62bn for Q2 2023, a 4% decline compared to €2.73 bn for the same period in 2022.
ING CEO Steven van Rijswijk said: “The second quarter of 2023 was characterised by ongoing challenges, as economic sentiment weakened, geopolitical uncertainties persisted and inflation remained elevated – albeit less pronounced than in previous quarters.
“The current interest rate environment drove income growth in both Retail and Wholesale Banking, with continued deposit inflows across our retail markets. Despite cooling economies, we had another quarter with lending growth and higher fee income.
“I’m pleased with the significant customer growth that we recorded this quarter, which is an important driver for future value creation.”
ING has reported a net income of €3.74bn for the half year ended 30 June 2023, a 133% rise compared to €1.6bn for the respective period in the previous year.
The bank reported a profit before tax of €5.37bn for the first half (H1) of 2023, a 123% increase compared to €2.41bn for the same quarter in XX year.
It has reported a total income of €11.32bn for the H1 2023, a 22% rise compared to €9.28bn for the corresponding quarter last year.
The Dutch lender reported operating expenses of €5.6bn for H1 2023, which remained almost unchanged from the respective period in the previous year.
Rijswijk added: “In Retail Banking, we realised good results across our markets. Deposit growth continued, with a significant inflow of €17bn in Germany, while in the Netherlands and Spain, growth was driven by seasonal inflows as well as by the introduction of a savings product for our Business Banking clients in the Netherlands.
“Wholesale Banking recorded another strong quarter with disciplined capital management and higher income over risk-weighted assets.
“Daily Banking and Trade Finance benefited from the current interest rate environment. Fee income rose, both in Global Capital Markets and in Lending.”
