AMSTERDAM: ING Groep NV, the biggest Dutch lender, said first-quarter profit declined 29 percent on growing regulatory expenses and a loss at its financial-markets division. Net income dropped to 1.26 billion euros from 1.77 billion euros a year earlier, the Amsterdam-based bank said in a statement yesterday.
The lender is looking worldwide for more financial-technology investments to build its capabilities in areas from lending and payments to money management. First-quarter regulatory costs jumped to 496 million euros from 174 million euros a year earlier on higher levies and contributions to fund deposit-insurance programs.
The bank expects costs of 960 million euros for the full year, up from 620 million euros last year.
