Financial services group ING on Wednesday announced net profit in the second quarter of €1.07bn, a rise of 19% on the year earlier period.

Adjusted for the sale of various subsidiaries, underlying net profit saw an increase of 31% to €1.18bn.

Net lending rose €7.4bn, with most of the growth coming from abroad where more money was lent to small and middle-sized firms and house buyers, and where the demand for more complex financial constructions increased.

Net lending in the Netherlands was stable.

Pivotal moment

‘The successful IPO of the NN (Nationale-Nederlander) group in early July was a pivotal moment for the ING Group,’ CEO Ralph Hamers said in a statement.

‘This step represents the final major transaction in our restructuring and in the repositioning of ING as a leading European bank.’