ING Group Reports Rise In Q2 Net Profit, Skips Dividends To Pay Back Dutch Government

Tom Burroughes

6 August 2014

, the Netherlands-based financial services group, reported a second-quarter underlying net profit of €1.181 billion ($1.578 billion), up from €901 million a year ago and €988 million in the previous three months, it said today.

The group, which was bailed out by the Dutch government in the 2008 financial crisis, said it will not pay an interim dividend on common shares this year because it is giving priority to repaying the government.

The net result for the group was €1.067 billion, or €0.28 per share, including special items, discontinued operations and divestments. The group has spun off certain businesses and simplified its structure in recent years, and these efforts have reaped rewards, it said in its statement today.

Eli Leenaars, member of ING's management board for Banking and Head of Challengers & Growth Countries, will leave ING. Leenaars will step down from his position as of 1 October 2014 by mutual agreement. He was appointed to the executive board of ING Group in 2004, originally joining the company in 1991.