ING Misses Q1 Profit Estimates as Russia Provisions Hit Earnings

A man walks past the logo of ING Group NV at a branch office in Amsterdam, Netherlands, on Jan. 9, 2014. Toussaint Kluiters/Reuters

AMSTERDAM—ING Groep NV, the largest Dutch bank, reported on Friday a worse-than-expected quarterly net income of 429 million euros ($452 million), including a surge in provisions for bad loans due to its exposure in Russia and Ukraine.

Analysts had forecast first-quarter net income at 679 million euros, according to Refinitiv data, while ING reported a net income of 1.01 billion euros in the year-ago period.