ING sees Q1 profits fall by 15.2%

by Richard Kilner

Story link: ING sees Q1 profits fall by 15.2%

Dutch bank ING has reported a fall of 15.2% in net profits for the first quarter of this year.

Pre-tax profits fell by 31.2%, with a loss of 55m euros taken due to the strength of the euro compared to other currencies which are generally in decline.

However, the damage taken from the sub-prime mortgage crisis was slight, with a financial hit of just 55m euros and key ratios remaining within the desired guidelines.

In addition, the firm has 6.2bn euros set aside for spare leverage capacity.

Commercial growth continues well, despite the ongoing difficulty in the credit markets.

New life sales are up by over 23%, with increasing net client balance of 34bn, to hit a total of 1,456bn euros.

ING’s chief executive officer, Michel Tilmant, explained that although commercial growth continued earnings have decreased due to the present market conditions.
Dutch bank ING has reported a fall of 15.2% in net profits for the first quarter of this year.

Pre-tax profits fell by 31.2%, with a loss of 55m euros taken due to the strength of the euro compared to other currencies which are generally in decline.

However, the damage taken from the sub-prime mortgage crisis was slight, with a financial hit of just 55m euros and key ratios remaining within the desired guidelines.

In addition, the firm has 6.2bn euros set aside for spare leverage capacity.

Commercial growth continues well, despite the ongoing difficulty in the credit markets.

New life sales are up by over 23%, with increasing net client balance of 34bn, to hit a total of 1,456bn euros.

ING’s chief executive officer, Michel Tilmant, explained that although commercial growth continued earnings have decreased due to the present market conditions.