THE HAGUE, Aug 04 (AFP): Dutch banking giant ING reported on Thursday a 20-per cent drop in net profit in the second quarter, hit by soaring inflation in Turkey and concerns about the global economy.
ING booked a profit of 1.18 billion euros ($1.2 billion) in the three-month period ending in June.
"The backdrop to ING's performance in the second quarter of 2022 was one of ongoing geopolitical uncertainty and pressure on the global economy," ING chief executive Steven van Rijswijk said in a statement.
"Despite these difficult operating conditions, I'm pleased with our results," he said, pointing to growth in ING's primary customer base and a rise in loans and deposits.
Revenue rose 3.7 per cent to 4.7 billion euros.
ING's net profit took a 277-million-euro hit from Turkey's hyper-inflation, which is close to 80 per cent.
The bank's profits were slashed by more than half in the first quarter, when results were affected by Russia's war in Ukraine, but ING said its "risk costs were significantly lower" in the second quarter.
ING profits hit by Turkey's hyper-inflation
FE Team | Published: August 05, 2022 00:07:44
ING profits hit by Turkey's hyper-inflation
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