Dutch banking major ING Group has posted a net income of EUR1.06bn for the third quarter of 2015, a jump of 14.7% compared with EUR928m in the year ago quarter.

For the quarter ended 30 September 2015, the group’s underlying net income before tax was EUR1.49bn, up 0.6% from last year.

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The results were driven by strong performance in retail banking, lower risk costs, growth in core lending and improved margins, the bank said. Profit from banking increased to EUR1.08bn from EUR1.01bn a year ago.

The group’s total underlying income was EUR4bn, up 1.5% versus EUR3.94bn in the third quarter of 2014.

Operating expenses during the period increased to EUR2.25bn from EUR2.13bn a year earlier.

Net interest income improved on the back of continued growth in core lending businesses and a slightly improved interest margin, the bank said. Risk costs declined on the back of economic recovery to EUR 261m, or 34 basis points of average RWA.

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Commenting on the performance, ING Group CEO Ralph Hamers said: "ING Bank delivered another solid financial performance this quarter. The underlying result before tax was EUR1,495 million, reflecting the continued positive momentum in both Retail and Commercial Banking.

"Risk costs decreased on both comparable quarters, particularly in Retail Netherlands where evidence of the economic recovery is now clearly visible in our risk costs. While this is encouraging, we remain vigilant for any potential impact that imbalances in emerging economies and financial markets could have on our clients and business units."