ING Groep NV (INGA.AS) on Friday reported a better-than-expected quarterly pretax profit of 2.07 billion euros ($2.45 billion) and said it plans to resume paying dividends as it reversed some provisions for bad loans taken amid the coronavirus pandemic.
A man walks past the logo of ING Group NV at a branch office in Amsterdam, Netherlands January 9, 2014. REUTERS/Toussaint Kluiters/File photoon Friday reported a better-than-expected quarterly pretax profit of 2.07 billion euros and said it plans to resume paying dividends as it reversed some provisions for bad loans taken amid the coronavirus pandemic.
ING's biggest markets, the Netherlands and Germany, are both forecast to grow by more than 3% this year, and the bank said the economic recovery - uneven but quicker than had been expected a year ago - was the main reason. Net interest income declined by 2.6% to 3.34 billion euros amid continuing low interest rates. ING said net interest income benefited by 83 million euros from its participation in ECB lending programs, in which banks are paid, rather than charged, to borrow money from the central bank, on the condition they lend it on to customers.
The ECB restricted banks from paying dividends at the onset of the pandemic and ING said on Friday it intends to distribute 3.62 billion euros in dividends, or 0.48 cents per share, in October, covering both 2020 and 2021 interim dividends.
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