THE HAGUE: Top Dutch bank ING more than tripled its profit last year on the back of a recovering economy and an increase in lending, it said on Thursday.
Net profits stood at just over 4.01 billion euros ($4.47 billion), up by 220.5 percent year-on-year, while turnover jumped 8.2 percent to 16.55 billion euros, it said in a statement.
In 2014 ING saw profits plunge by 64 percent because of a major restructuring.
Loans increased last year by 21.7 billion euros, or 4.2 percent, while customer deposits was up 5.1 percent by 25.1 billion euros.
ING's shares bounced up 8.0 percent to 10.45 euros in mid-morning trade on the Amsterdam stock exchange's AEX index following the announcement.
"This improvement was primarily driven by higher interest results on the back of strong lending growth and lower risk costs, and despite a substantial increase in regulatory costs," said ING chief executive Ralf Hamers.
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