ING Bank Slaski profit meets expectations as fee income, lending grow
ING Bank Slaski profit meets expectations as fee income, lending grow GDANSK, July 30 (Reuters) - ING Bank Slaski INGP.WA, the Polish unit of Dutch banking group ING INGA.AS, reported second-quarter profit in line with expectations on Thursday as strong growth in interest and fee income helped offset the impact of lower interest rates and higher taxes.
Polish banks are looking for stronger lending and fee income to support earnings as lower interest rates and higher taxes weigh on profitability.
Net profit rose 5% year-on-year to 1.19 billion zlotys ($315.31 million), in line with 1.17 billion zlotys seen in a company-compiled consensus
Net interest income rose 7% to 2.33 billion zlotys
Net fee and commission income increased 16% to 679 million zlotys, against a consensus of 652 million zlotys
Mortgage lending jumped 19% year-on-year to 5.85 billion zlotys
The bank is still analyzing the impact of the April 23 ruling by the European Court of Justice that barred lenders from charging interest on loan costs, it said in a statement
($1 = 3.7741 zlotys)
(Reporting by Julia Zmarzlik; Editing by Milla Nissi-Prussak and Matt Scuffham)
((julia.zmarzlik@thomsonreuters.com))
Recent news on ING Groep
See all newsING puts $500 million of data-center loans up for sale, Bloomberg News reports (updated)
ING puts $500 million of data center loans up for sale, Bloomberg News reports
Media: ING said to be seller of $500 million data center loan portfolio - Bloomberg News
ING Bank N.V. London ING Groep NV - Pré - Stabilisation Notice ING Groep N.V.
ING Bank N.V. London ING Bank N.V. - Pre-Stabilization Notice_INGBank N.V