ING Q1 Net Income Down 51%

ING Groep NV

reported a 51% drop in its first-quarter net income. ING's quarterly earnings declined to €680 million, or €0.18 per share, from €1.38 billion, or €0.37 per share, in the year-ago period. Its underlying profit before tax dropped 44% to €1.11 billion from €1.96 billion. ING's banking earnings dropped 27% to €1.13 billion. ING shares closed at $6.58 yesterday.