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ING Reports Lower 1st Quarter Net Income

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NU Online News Service, May 15, 2003, 12:44 p.m. EDT – ING Groep N.V., Amsterdam, is reporting the equivalent of $182 million in net income for the first quarter on $20 billion in revenue, compared with $988 million in net income on $18 billion in revenue for the first quarter of 2002.

The insurance unit generated $549 million in operating income on $17 billion in revenue, up from $506 million in operating income on $15 billion in revenue.

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Low stock prices, low interest rates and the weakness of the dollar all hurt profits during the quarter, and the net results include an $801 million charge that reflects the change in the value of ING’s stock holdings, ING says.

The conversions here use an exchange rate of $1=0.918 euros for the 2003 results, and an exchange rate of $1=1.14943 euros for the 2002 results. The 2003 exchange rate comes from ING and the 2002 exchange rate comes from figures published by OANDA Corp., New York.