ING: Q2 weighed on by extraordinary charges

(CercleFinance.com) - On Thursday ING reported Q2 profit that has been weighed on extraordinary charges, while warning that the current economic and geopolitical difficulties would persist.


The Dutch bank announced Q2 net profit that is down 19% at 1.18 billion euros (from 1.46 billion a year ago).

This result takes into account a provision for depreciation linked to the hyperinflationary situation that Turkey is currently experiencing, which led to a 277 million euro drop in quarterly profits.

RBC analysts said that these accounts include a whole series of extraordinary items that make it difficult to interpret the underlying trends.

Although this profit is well above the consensus of 959 million euros, the share is currently down almost 2.5% in early trading today.


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