By Maarten van Tartwijk

 

AMSTERDAM--ING Groep NV (ING) on Thursday reported a rise in fourth-quarter earnings thanks to a mixture of higher interest income and lower loan-loss provisions.

The Netherlands' largest bank by assets said its underlying profit, which excludes restructuring costs and divestments, rose 68% to 1.38 billion euros ($1.49 billion) in the last three months of 2016. Net interest income rose 5% to EUR3.3 billion, while loan-loss provisions declined 54% to EUR138 million.

Net profit fell 8% to EUR750 million on the year, however, as the bottom line was hit by a EUR787 million restructuring charge. ING said in October it would scrap 7,000 jobs in the next few years as it seeks to reduce costs and invest in expanding its digital operations.

 

-Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com

 

(END) Dow Jones Newswires

February 02, 2017 01:37 ET (06:37 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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