By Maarten van Tartwijk
AMSTERDAM-- ING Groep NV on Wednesday posted a EUR1.92 billion
($2.67 billion) first-quarter net loss compared with EUR1.9 billion
net profit a year earlier, as the Dutch bank was hit by a string of
charges related to its restructuring.
Analysts polled by FactSet forecast a net loss of EUR2.07
billion.
ING said the bottom line was squeezed by a EUR2.01 billion
accounting loss on its stake in Voya Financial Inc, the U.S.
insurer that was floated by its Dutch parent last year. Costs
related to the restructuring of its pension scheme in the
Netherlands also weighed on the results.
Excluding the one-off charges, profit was EUR988 million, down
16% from the same period last year.
ING was ordered by the European Union to shed assets in return
for approval of a government bailout received in 2008. The Dutch
bank is in the final phase of its restructuring and is currently
readying its European insurance business, NN Group, for an initial
public offering. It is expected to be one of the largest stock
listings in Europe this year.
ING said it will inject another EUR850 million into NN to
improve the unit's capital base, and that it plans to sell the
shares through a secondary offering.
ING last week said it clinched a deal with three Asia-based
investors to participate in the IPO, which is expected to take
place this summer.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
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