Dutch insurer ING Group NV, with retirement-services operations in Windsor, says its first quarter earnings strengthened on fat banking margins and it intends to pay back the remaining $4.45 billion (euro3 billion) in bailout money and penalties it owes the Dutch state, The Associated Press reports.
ING’s earnings report Thursday says net profit was euro1.38 billion, up from euro1.23 billion in the same period a year ago.
The company’s banking operations, which are to be split from its insurance arm as part of the EU competition authority’s measures for having made use of state support during the financial crisis, rose 32 percent to euro1.7 billion.
Like other banks, ING’s margins are healthy as it pays clients little for deposits but can lend or invest at higher rates. Insurance earnings almost quadrupled to euro421 million on fewer charges for bad investments and higher fees.
