ING Groep 1Q Net Profit Slips; 2016 Boosted by NN Group Share Sale

By Ian WalkerFeaturesDow Jones Newswires

ING Groep N.V. (INGA.AE) Wednesday reported a fall in first quarter net profit mainly due to the contribution of the sale of shares in NN Group in the comparable period in 2016.

However, stripping out one-off items the Netherlands' largest bank by assets' underlying pretax profit rose 39%, boosted by continued loan growth, good cost control and relatively low risk costs, it said.

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Net profit for the quarter ended March 31 was 1.14 billion euros ($1.24 billion), compared with ERU1.26 billion for the comparable period in 2016, while underlying pretax profit was EUR1.65 billion, compared with EUR1.19 billion.

Net interest income rose slightly to EUR3.35 billion, from EUR3.25 billion for the quarter ended March 31, 2016.

ING Group's fully-loaded common equity Tier 1 ratio, a measure of financial stability, stood at 14.5% at March 31, compared with 14.2% at Dec. 31, 2016.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

May 10, 2017 01:42 ET (05:42 GMT)