ING's Underlying Business Performs Well but Money Laundering Related One-Offs Hurt the Bottom Line
ING reported net profit of EUR 4.7 billion, down 4% from last year, impacted by the EUR 775 million penalty paid to Dutch authorities related to money laundering cases. Underlying net results, however, which do not include these one-off charges, give a better picture of ING's business development through the year. Underlying results increased 9% to EUR 5.4 billion as income generation outpaced higher expenses. Loan loss provisions of EUR 656 million were again low in a historical context, while ...
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