ING reports Q1 results
by Richard Kilner
Story link: ING reports Q1 results
Dutch bank ING has reported that it achieved a €1bn underlying net profit in the first quarter of 2010, improving substantialy on the €236m net loss incurred in the same quarter last year.
It also marks a huge step up from the Q4 2009 underlying net profit of €74m.
ING also saw its net profit margin increase to €1.3bn from a loss of €793m in 2009, marking a shift in profit per share up tp €0.35, having previously been a loss of €0.39.
Return on equity, which was 3.3% for 2009 as a whole, increased to 11.3% in Q1 2010.
The firm’s banking operations saw it achieve an underlying pre-tax profit of slightly under €1.3bn, up from €769m, with insurance operations making an underlying pre-tax profit of €269m, having in Q1 2009 suffered a loss of €954m.
Chief Executive Officer Jan Hommen has welcomed the strong start ING has made to 2010 in both the banking and insurance sectors.
Hommen went on to state that the firm’s results were encouraging but warned that market volatility meant that vigilance was still necessary.