logo
  

ING Group Q1 Net Profit Declines

ING Group (ING) posted first-quarter net profit of 429 million euros, a decline of 57.3% from prior year. The company said the decrease was due to higher risk costs and the impairment on TTB. Retail Banking result was 20% higher than prior year on lower expenses and risk costs, despite impairment on TTB, the Group said.

First quarter total income was 4.60 billion euros, down 2.2%. Net interest income was 3.41 billion euros, a decline of 2.8%. Fee income was 933 million euros, an increase of 9%. ING Group had 14 million primary customers at the end of March, 4% higher than a year ago.

The CET1 ratio declined to 14.9%, as higher CET1 capital was more than off set by higher risk-weighted assets.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Google, owned by Alphabet Inc., plans to merge its teams working on Maps products and the mapping service Waze with effect from December 9, reports said. The decision to consolidate processes comes as the search giant is facing pressure to streamline operations and cut costs. The restructuring is expected to reduce overlapping work across the Waze and Maps products. The Pentagon announced that up to $9 billion worth of cloud-computing contracts were awarded to Google, Oracle, Amazon, and Microsoft. In a statement, the U.S. Department of Defense said, "The purpose of this contract is to provide the Department of Defense with enterprise-wide, globally available cloud services across all security domains and classification levels..." Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process.
RELATED NEWS
Follow RTT