Dutch banking major ING Group has reported underlying net profit of EUR842m in the first quarter of 2016, down 29.1% compared to EUR1.18bn a year ago.
The group’s total underlying income was EUR4.08bn, a fall of 5.7% from EUR4.33bn in the first quarter of 2015.
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Operating expenses during the period were EUR2.63bn, a rise of 17.6% from EUR2.24bn a year ago.
Underlying result before tax slumped 28.6% to EUR1.18bn from EUR1.66bn a year ago. Net result for the period was EUR1.25bn, including profit on sales of NN Group shares in January.
The group’s fully-loaded common equity Tier 1 (CET1) ratio stood at 12.9% at the end of the first quarter, up from 11.6% in the year-ago quarter. The group’s total assets at the end of 31 March 2016 stood at EUR868.9bn.
ING Group CEO Ralph Hamers said: "The digital banking landscape has never been more dynamic than it is today. Customers are changing the way they bank, which requires us to be flexible and agile. Our Think Forward strategy has enabled us to rise to this challenge and deliver a differentiating experience to our more than 34 million customers around the world."
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