Profit grows, but less than expected. Indeed, almost half compared to the first quarter of last year. Ing started 2012 with a net profit of 680 million euros, against estimates of 1,14 billion and 1,38 billion last year. The outlay of 680 million euros for expenses linked to an investigation by the US financial authorities in 2007 weighs on the data.
In June 2011 the Dutch financial group had announced the sale of the online bank Ing Direct Usa to Capital One. However, the sale only yielded to Ing 489 million euros, accounted for in these first three months.
The executive director of the group, Jan Hommen, recalled the "difficult operating context" mainly due to the "European debt crisis" which has "increased the volatility of the financial markets".
The Group also announced its intention to renegotiate with the EU Commission the investment plan, necessary after receiving a 10 billion euro state aid package during the 2008 crisis. Last March Ing won a legal dispute against an EU sentence, which allows him to start talks, as well as with the Commission, also with the Dutch government on the restructuring project.
ING has committed to divest or list assets by the end of 2013 and is expected to sell its insurance and investment management businesses in Asia by the end of this year.
