ING Profit Lifted by Interest Income, Falling Provisions
February 02 2017 - 1:52AM
Dow Jones News
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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