Dutch banking major ING Group has posted a net result of EUR1.77bn in the first quarter of 2015, down 7.7% from EUR1.92bn a year ago.
The total underlying income stood at EUR4.33bn, up 13.5% compared to EUR3.82bn in the first quarter of the last year.
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The Dutch group’s operating expenses increased marginally by 3.1% to EUR2.24bn from EUR2.17bn a year earlier. Provisions for bad loans dipped 8% year-on-year to EUR432m in the first quarter.
Capital position improved significantly compared to the previous quarter, with surplus for regulation and to pay attractive dividends. Group ratio saw an increase to 11.6%, whereas bank ratio remained stable at 11.4% despite EUR1bn dividend to Group.
Total capital level increased by $2.25bn inaugural Additional Tier 1 (AT1) securities issuance in April of this year.
The bank has also repaid the final portion of state aid in November which it received during the financial meltdown. Besides, it has almost completed the divestment of its insurance arm.
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