ING takes first-quarter hit

ING Groep NV posted a 19% drop year over year in first-quarter profit due to weaker returns in its real estate and private-equity businesses, and smaller returns from market investments. The Amsterdam, Netherlands-based financial services company posted net income of 1.54 billion euros ($2.4 million), compared with 1.89 billion euros in the year-earlier period. Profit before taxes in ING's insurance division fell 32% to 722 million euros ($1.12 billion), reflecting the effect of lower equity, real estate and private-equity markets. The company recorded a loss of 2.3 billion euros ($3.55 billion) on shareholder equity in the first quarter as a result of the credit crisis. ING was also hurt by a loss of 55 million euros ($85.1 million) due to the credit and liquidity crises.