ING books lower profit in first quarter

Dutch banking and insurance concern ING reported on Wednesday a net drop in profit of 19% in the first quarter of 2008. The €1.54bn figure was down on analysts’ expectations of €1.66bn.

CEO Michel Tilmant said unrest in the financial markets was to blame, adding that ING had booked strong commercial growth. That growth gave ING a 1% rise in its share price on the Amsterdam stock exchange on Wednesday morning.

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