(Repeats with no changes)
LONDON May 7 Dutch financial group ING
made underlying profits of 988 million euros ($1.38 billion) in
the first quarter of the year, missing expectations, as loan
losses remained high despite a better outlook for the Dutch
A Reuters poll of ten analysts predicted underlying net
profits of 1.103 billion euros for the group, which is selling
its insurance arm later this year. On Wednesday, ING said it
would inject 850 million euros into the insurer.
"ING Bank posted a solid first-quarter underlying pre-tax
result of 1.176 billion euros, reflecting an increase in the net
interest margin and lower risk costs as economic conditions
improved," Chief Executive Ralph Hamers said in a statement.
Loan losses at the bank came in at 468 million euros for the
quarter, down on the 561 million euros in the first quarter of
2013 and in line with the bank's guidance that last year was the
peak. Net lending grew by 5.1 billion euros.
The group confirmed that a mooted stock market offering of
its insurance arm would now only be a secondary listing, after
it attracted private investment of 1.275 billion euros and
agreed to put 850 million euros of group capital into the
($1 = 0.7177 euros)
(Reporting By Laura Noonan; Editing by Miral Fahmy)