Salem Radio Network News Wednesday, May 18, 2022

Business

ING reports $452 million Q1 profit, earnings hit by provisions at wholesale arm

AMSTERDAM (Reuters) – ING Groep NV, the largest Dutch bank, reported on Friday worse-than-expected first quarter net income of 429 million euros ($452 million), including provisions of 885 million euros at its wholesale banking division.

Analysts had seen net income at 679 million euros, according to Refinitiv data. ING reported net income of 1.01 billion euros in the first quarter of 2021.

($1 = 0.9498 euros)

(Reporting by Toby Sterling; Editing by Jacqueline Wong)

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