Dutch banking group ING rises on news it will pay dividends again

Dutch banking group ING rose in Amsterdam trading after the lender said it would pay a dividend for the first time since the government came to its rescue in 2008. The bank plans a dividend of 12 cent as it reported fourth-quarter earnings.

Chief executive Ralph Hamers has repositioned ING, once a global financial firm, as a lender focused on Europe. He is cutting jobs in its home market while seeking to boost lending in countries including Germany, Turkey and Spain by relying on online and mobile banking.

Net income for the ING group in the fourth quarter increased to €1.2 billion from €626 million a year earlier. Underlying banking profit, which excludes results from the company’s insurance holdings and one-time effects, dropped to €548 million from €686 million a year earlier, below analyst forecasts. – Bloomberg