Seeking Alpha

ING's underlying profit more than doubles

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)

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