Netherlands' ING Posts Euro793 Mln Loss In 1Q

TOBY STERLING

AMSTERDAM (AP) — ING Groep NV, the Dutch bank and insurer, reported Wednesday a euro793 million ($1.08 billion) net loss for the first quarter, blaming falling asset prices, the weak performance of insurance contracts, and charges for restructuring its business.

The figure compares with net profit of euro1.54 billion in the same period a year ago and with a euro3.1 billion loss in the fourth quarter.

Losses came from all directions for the financial group, which said it suffered a total of euro1.7 billion worth of "negative impacts stemming from the market turmoil."

"Market conditions remained challenging in the first quarter as equity markets declined further, credit spreads remained elevated, real estate prices continued to fall and loan losses increased as the crisis spread from the financial markets to the real economy," said Chief Executive Jan Hommen, who took the job after his predecessor resigned in January.

He didn't offer any forecast for the rest of the year, saying "markets are volatile and the economic environment continues to be uncertain."