ING net profit down 30% in Q1, as regulatory costs bite
Financial services group ING booked net profit down almost 30% in the first quarter of this year, compared with the same period in 2015.
The bank lost less money on bad loans but had to deal with a ‘significant increase’ in costs in connection with regulatory compliance, the bank said in a statement.
Net profit totalled €1.2bn in the January to March period while the underlying result, excluding one-offs such as the sale of shares in insurance company NN, was €842m, ING said.
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