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 ...ING Groep is a global financial institution based in the Netherlands. Co. is engaged in offering a wide range of retail and wholesale banking services to customers in over 40 countries across Europe, the Americas, Asia and Australia. In addition to the basic banking services of lending, payments and cash management and treasury, Co. provides tailored banking solutions in areas including corporate finance, commercial finance (factoring), equity markets and debt capital markets to help clients achieve their business goals. Co.'s operations are organized along five segments: Retail Netherlands; RetailBelgium: Retail Germany: Retail Other; and Wholesale Banking.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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