ING Bank Slaski's quarterly net profit beats view on lower provisions

ING Bank Slaski ING, the Polish unit of Dutch bank ING Groep INGA, reported on Thursday an 18% increase in second-quarter net profit on yearly basis.

The lender reported net profit of 1.14 billion zlotys ($305.31 million), exceeding a company-compiled consensus estimate of 1.09 billion zlotys.

The results were driven by lower impairments for expected credit losses, which came in at 192 million zlotys in the second quarter, compared with 292 million zlotys year ago.

Net interest income (NII) for the quarter reached 2.17 billion zlotys, against a consensus estimate of 2.26 billion zlotys. Net fee and commission income stood at 584 million zlotys, compared with expectations of 586 million zlotys.

However, the bank's operating costs in the quarter increased year-on-year to 1.06 billion zlotys from 978 million zlotys.

($1 = 3.7339 zlotys)