ING First-Quarter Net Profit Drops 29% to EUR1.26 Billion
May 10 2016 - 2:14AM
Dow Jones News
By Maarten van Tartwijk
AMSTERDAM--Dutch bank ING Groep NV (INGA.AE) said Tuesday its
first-quarter net profit fell as a result of higher regulatory
costs and lower income at its financial-markets division.
Amsterdam-based ING said net profit for the quarter ended March
dropped 29% to 1.26 billion euros ($1.43 million) from 1.77 billion
euros a year earlier.
Underlying pretax profit, the bank's preferred measure of its
operating performance, fell to 1.19 billion euros from 1.66 billion
euros last year.
The results were slightly below analysts' expectations.
ING said the earnings drop was driven primarily by a sharp rise
in costs to cover banking regulations in the Netherlands, Poland
and Germany. Its financial-markets business suffered a drop in
revenue due to market volatility in the first few months of the
year.
Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com
(END) Dow Jones Newswires
May 10, 2016 01:59 ET (05:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
ING Groep NV (NYSE:ING)
Historical Stock Chart
From Mar 2024 to Apr 2024
ING Groep NV (NYSE:ING)
Historical Stock Chart
From Apr 2023 to Apr 2024
