- ING Group's (ING) Q4 underlying profit jumped to €405M from €163M a year earlier.
- Total underlying income grew to €6.245B from €5.19B.
- However, net profit dropped 64% to €539M ($736M), dragged down by a Dutch bank tax and costs related to ING's restructuring plan.
- Underlying pretax profit at ING's bank business jumped more than threefold to €904M, lifted by increased interest income and reduced loan-loss provisions.
- ING's insurance operations swung to a pretax loss of €428M from a profit of €448M, mainly because of a charge at its operations in Japan.
- Shares +4.4% in Amsterdam. (PR)
ING's underlying profit more than doubles
Feb 12 2014, 03:56 ET