ING, the largest Dutch financial group, reported a slight drop in first-quarter underlying net profit of 1.12 billion euros ($1.26 billion), narrowly missing analyst expectations of 1.15 billion euros in a Reuters poll.
First-quarter underlying net profit was reported at 1.12 billion, slightly down from 1.19 billion in the first quarter of 2018, and missing analyst expectations of 1.15 billion.
The bank reported 1.19 billion euros of net profit in the first quarter of 2018. Pre-tax profits of 1.58 billion euros were down 6.2% from the first quarter of last year. Quarter-on-quarter, the underlying result before tax fell 6.5%, which the bank said was caused entirely by the "seasonally higher regulatory costs in the first quarter."
"Income grew both year on year and sequentially and we see the positive results of our transformation program coming through, especially in the Netherlands and Belgium," said Hamers. Hamers also stressed that the bank understands "how vital it is to master the management of nonfinancial risks" and is committed to doing so.
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