ING Group Q1 Net Result Up 7.2% - Quick Facts

(RTTNews) - Dutch banking firm ING Group NV (ING) reported that its net result for the first quarter grew 7.2 percent to 1.23 billion euros from 1.14 billion euros from the year-ago period. Net result per share rose to 0.32 euro from 0.29 euro in the same period last year.

ING Group's underlying net result for the quarter rose 1.4 percent to 1.19 billion euros. Underlying result before tax grew 2.1 percent, reflecting continued loan growth and lower risk costs, while expenses remained under control.

Net interest income for the quarter increased 1.6 percent to 3.40 billion euros from 3.35 billion euros a year ago.

Net core lending in the quarter increased by 12.3 billion euros, while net customer deposit inflow amounted to 2.4 billion euros.

ING's overall customer numbers were up more than 400,000 during the quarter to 37.8 million. Primary relationships grew by 170,000 to 11.2 million, boosted by inflows in the company's Challengers & Growth Markets, particularly in Australia. ING Group's fully loaded CET1 ratio was 14.3 percent.

Looking ahead, ING said it remains on track to achieve the 900 million euros cost-savings goal it set as part of the Think Forward strategy by 2021.