Dutch banking group ING Group has reported net profit of €1.14bn for the first quarter of 2017, a fall of 9.1% compared to €1.25bn in the corresponding quarter of the previous year.
Underlying net profit for the quarter ended 31 March 2017 was €1.17bn, a 39.5% surge from €842m a year earlier.
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The group’s total underlying income during the period stood at €4.39bn, a 7.6% rise from €4.08bn in the prior year. Underlying operating expenses dipped 0.9% year-on-year to €2.61bn.
The banking group’s fully-loaded common equity Tier 1 (CET1) ratio was 14.5% at the end of March 2017, up from 14.2% at year-end 2016 and 12.9% a year ago.
ING Group CEO Ralph Hamers said: “ING had a strong first quarter supported by continued commercial growth. ING’s underlying pre-tax result rose 39.3% to EUR 1,652 million from a year ago, reflecting continued loan growth, good cost control and relatively low risk costs.
“Wholesale Banking’s contribution was particularly strong, led by higher income from Financial Markets and commissions. While the first-quarter net result declined to EUR 1,143 million from EUR 1,257 million a year ago, this is explained by a EUR 506 million profit from the sale of shares in NN Group in the first quarter of 2016.”
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