AMSTERDAM (AP) — Dutch financial company ING Groep NV reported Wednesday that its first-quarter earnings rose as it sold businesses and improved profit margins at its banking arm. Its insurance arm reported a loss.
Net profit was 1.80 billion euros ($2.36 billion), compared with 728 million euros in the same period a year ago. This quarter's figure includes 940 million euros in net gains on divestments, mostly from the sale of its life insurance business in Asia.
"Risk costs remained elevated amid the weak economic climate in Europe, but improved compared with the fourth quarter," said Chief Executive Jan Hommen in a statement.
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