♠ Posted by Unknown at 23:32
ING Groep NV (INGA), the biggest Dutch financial-services company, reported a 51 percent drop in profit after setting aside funds for a potential settlement of a U.S. probe and booking a charge tied to its own debt.
First-quarter net income fell to 680 million euros ($882 million) from 1.38 billion euros a year earlier, the Amsterdam- based firm said in a statement today. That missed the average 1.11 billion-euro estimate of 11 analysts surveyed by Bloomberg. Earnings were hurt by a 370 million-euro charge for a potential settlement with U.S. authorities for transactions by its commercial banking unit until 2007 that are being probed.
ING booked a 489 million-euro gain on the sale of its U.S. online bank to Capital One Financial Corp. (COF) as part of a restructuring plan imposed by the European Union. ING still has to sell insurance units in Asia, Europe and the U.S. before the end of 2013 and repay state aid while at the same time preparing for tougher capital requirements.
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