Retail banking business of ING Group has posted an underlying profit before tax of EUR1.04bn for the first quarter of 2015, a jump of 22% compared to EUR850m a year ago.
The unit’s total underlying income rose 6.6% from a year ago to EUR2.92bn, or 9.5% excluding the deconsolidation of ING Vysya Bank, driven by higher interest results in most countries and positive hedge ineffectiveness results on derivatives in the mortgage hedge accounting programmes.
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The group’s retail banking attracted EUR8.9bn in net customer deposits in the first quarter while net customer lending grew by EUR1.6bn.
Operating expenses were EUR1.62bn, up 1.9% from the first quarter of 2014.
The cost/income ratio for the retail banking division in the first quarter was 55.6% as compared to a 58.2% a year earlier.
Overall, ING Group posted a total underlying net result of EUR1.77bn, including insurance result, while ING Bank reported an amount of EUR1.2bn as underlying net result, a 43% rise from the first quarter of 2014.
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