Amsterdam-based ING on Wednesday, August 11, released second-quarter earnings, posting a $1.7 billion net profit for the company, beating analyst estimates of $878 million.
The banking sector reported underlying pre-tax profit of $2.07 billion, a $1.8 billion increase over the second quarter of 2009. Last quarter, the banking sector reported underlying profit of $1.6 billion.
According to the company, volume growth and less severe negative markets led to an increase in income. Furthermore, the cost/income ratio improved to 52.6%.