Seeking Alpha

ING surges as cost-cutting pays off

  • ING +6.1% in premarket trade after the bank's underlying profit rose 14% Y/Y to €1.15B, beating analysts' estimates
  • The numbers suggest the company's restructuring plan - cutting expenses by €1B by 2015 - is on track, and the bank says today it's studying ways of expanding the cost-cutting regime.
  • Following the sale of ING US (VOYA) and other divestitures, the company has completed about 70% of its EU-mandated plan to trim its balance sheet by 45%.
  • The good results don't stop outgoing CEO Jan Hommen from complaining about the domestic economy: "We are having a tough time in the Netherlands ... There are some bright spots, and we see a bit more activity in some places. But this is mainly outside of the Netherlands."
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