ING Profit Rises on Wholesale Bank, Beating Estimates
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ING Groep NV, the largest Dutch lender, said profit jumped 68 percent, more than analysts expected, as wholesale lending revenue rose while costs and bad-loan provisions fell.
Underlying profit rose to 1.38 billion euros ($1.49 billion) in the fourth quarter from 822 million euros in the previous year, the Amsterdam-based bank said in a statement Thursday. That beat the 1.15 billion-euro average estimate of six analysts surveyed by Bloomberg. Wholesale banking, which includes trading and lending to large firms, generated 553 million euros, almost twice last year’s result.