AMSTERDAM—ING Groep NV, the largest Dutch bank, reported on Friday a worse-than-expected quarterly net income of 429 million euros ($452 million), including a surge in provisions for bad loans due to its exposure in Russia and Ukraine.
Analysts had forecast first-quarter net income at 679 million euros, according to Refinitiv data, while ING reported a net income of 1.01 billion euros in the year-ago period.
“Net additions to loan loss provisions were 987 million euros,” the company said. “The geopolitical situation, with the Russian invasion of Ukraine, had a significant impact on the risk costs in this quarter, with 834 million euros of risk costs associated with our Russia-related exposure.”
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