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ING Beats Estimates After Unwinding Russia Loan Provisions

  • CFO says inflation situation warrants caution on outlook
  • Dutch lender posted second quarter net income of $1.2 billion
Bloomberg business news
WATCH: ING CFO Tanate Phutrakul discusses the bank’s financial results, its prospects, and the outlook for region’s economy.Source: Bloomberg
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ING Groep NV reported second-quarter profit that beat analyst estimates after freeing up provisions for its shrinking business in Russia. 

Net income of 1.18 billion euros ($1.2 billion) in the three months through June compared with expectations for profit of 1.07 billion euros, according to a statement by the Dutch lender on Thursday. Loan loss provisions of 202 million euros were lower than the 509.3 million euros analysts had expected on average.