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ING first quarter earnings rise on asset sales

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.

By Associated Press | Updated on May 08, 2013

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.

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