ING Group Q1 Net Profit Declines

ING Group (ING) posted first-quarter net profit of 429 million euros, a decline of 57.3% from prior year. The company said the decrease was due to higher risk costs and the impairment on TTB. Retail Banking result was 20% higher than prior year on lower expenses and risk costs, despite impairment on TTB, the Group said.

First quarter total income was 4.60 billion euros, down 2.2%. Net interest income was 3.41 billion euros, a decline of 2.8%. Fee income was 933 million euros, an increase of 9%. ING Group had 14 million primary customers at the end of March, 4% higher than a year ago.

The CET1 ratio declined to 14.9%, as higher CET1 capital was more than off set by higher risk-weighted assets.

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