May 7, 2014 / 5:20 AM / in 3 years

BRIEF-ING Q1 underlying net profit falls to 988 mln euros

2 Min Read

May 7 (Reuters) - ING Groep Nv :

* ING Group: ING records 1Q14 underlying net profit of eur 988 million

* 1Q14 underlying net profit of eur 988 million from eur 1,170 million in 1Q13 and eur 493 million in 4Q13

* Bank 1Q14 underlying result before tax of eur 1,176 million, roughly flat versus 1Q13, but up 30.1 pct sequentially

* ING group secures pre-IPO investments of eur 1.275 billion and agrees final capital structure for NN group

* Eur 850 million capital injection finalises capital structure; ING group confirms intended IPO to comprise only secondary offering

* 1Q14 results driven by an increase in the net interest margin and a lower level of risk costs as economic conditions improved

* 10.1 pct fully-loaded CET1 ratio after payment to Dutch state and making closed defined benefit pension plan in NL independent

* ING bank attracted eur 8.3 billion of funds entrusted and grew net lending by eur 5.1 billion during the quarter

* ING bank added eur 468million to the provision for loan losses, down from eur 561 million a year ago Source text for Eikon: Further company coverage:

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