NG NV reported a sharp
rise in second-quarter net profit, boosted by one-time gains and
lower provisions for bad loans, as the Dutch bank edges closer to
fully rid itself from Dutch government support.
The Netherlands' largest bank by assets on March 3
said net profit for the quarter came in at €1.07 billion ($1.43
billion), compared with €895 million in the same period last year
as profit at its insurance business more than quadrupled to €245
million despite lower operational results.
The insurance business benefited from revaluations on a private equity portfolio and a €79 million gain on a closed book of Japanese variable annuities.
Net profit at its banking business dropped by 1.6% to €806 million, despite a 34% drop in loan loss provisions to €405 million, which was offset by higher taxes, a payment for its contribution to the nationalization of Dutch peer SNS Reaal in 2013 and restructuring costs at its Dutch Retail bank.
EU-Digest
The insurance business benefited from revaluations on a private equity portfolio and a €79 million gain on a closed book of Japanese variable annuities.
Net profit at its banking business dropped by 1.6% to €806 million, despite a 34% drop in loan loss provisions to €405 million, which was offset by higher taxes, a payment for its contribution to the nationalization of Dutch peer SNS Reaal in 2013 and restructuring costs at its Dutch Retail bank.
EU-Digest
