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ING Belgium's profit falls to €335 million
Economics

ING Belgium's profit falls to €335 million

02.08.2017 From our online archive
Executives said on Wednesday the bank had to pay €177 million over a dispute involving its Luxembourg subsidiary.

ING Belgium, which includes ING Luxembourg, had a pre-tax profit of €335 million in the second quarter, down from €512 million in the same period of 2016.

Executives said on Wednesday the bank had to pay €177 million over a dispute involving its Luxembourg subsidiary that it lost in that country's courts. They will appeal the verdict. 

The bank's spokesman in Belgium declined to comment further and no-one from the bank in Luxembourg was available to speak. 

The second quarter last year included an exceptional cost saving of €116 million euros. Net profit fell in the second quarter to 216 million euros, compared with €347 million the year before.

ING's income before taxes decreased by 0.8 per cent in the second quarter to €1.99 billion euros.

(By Thierry Labro, translated from the French by Alistair Holloway)