Dutch financial services company ING Group N.V. (ING) reported that its first-quarter net profit increased to 1.804 billion euros, last year's from 728 million euros. On a per share basis, net profit was 0.47 euros, up from 0.19 euros in the same quarter last year.
Underlying net profit before tax was 1.17 billion euros, up from 936 million euros in the prior year quarter. Group underlying net profit for the quarter rose to 800 million euros from 579 million euros last year.
Quarterly total underlying income grew to 10.57 billion euros from 10.23 billion euros in the year ago quarter.
The prior year results have been restated to reflect the new pension accounting requirements under IFRS which took effect on 1 January 2013.
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