ING shows higher profits in first quarter
ING bank reported a net result of 1.18 billion for the first quarter of 2015. This is a 43 percent improvement on the result from a year ago, and more than double the amount earned in the fourth quarter of 2014. Including the performance of the insurance branch, ING showed a net result of 1.77 billion in the first quarter.
The results of the first quarter were driven by robust improvement in the lending book of the bank and a seasonally strong first quarter in financial markets. The bank attributes its insurance results to continued strategic repositioning. The company reduced its stake in Nationale Nederlanden and completed the divestment of Voya.
The capital ratios of the group also increased in comparison to the first quarter of 2014. The current capital ratio for the bank is 11.4 percent.
“During the first quarter, ING made notable progress on innovation and finding even better ways to empower our customers,” Ralph Hamers, CEO of ING Group, commented on the bank’s results. “This strong performance was achieved despite the challenging operating environment, characterized by unprecedented low interest rates and the uneven economic recovery,” he added.