ING Group Q1 Net Result Down 8.7% - Quick Facts

(RTTNews) - Dutch banking firm ING Group NV (ING) reported Thursday that its net result for the first quarter of 2019 declined 8.7 percent to 1.12 billion euros from 1.23 billion euros in the year-ago period. Net result per share decreased to 0.29 euro from 0.32 euro in the same period last year.

ING Group's underlying net result for the quarter decreased 6.1 percent to 1.12 billion euros. Underlying result before tax was down 6.2 percent.

The company noted that income grew both year on year and sequentially. However, this was offset by higher but still relatively low risk costs, and pressure from low interest rates in ING's main eurozone markets.

Net interest income for the quarter increased 2.3 percent to 3.48 billion euros from 3.40 billion euros a year ago.

Net core lending in the quarter increased by 8.7 billion euros, while net customer deposit inflow amounted to 4.8 billion euros.

ING's primary customer base grew by 150,000 in the quarter to 12.6 million.

ING Group's CET1 ratio improved to 14.7 percent at the end of March 2019 from 14.5 percent at year-end 2018.