AMSTERDAM - ING Groep NV reported Thursday first quarter profit increased by 12% on Bank fat margins and improvements to its insurance company and said that he intends to repay emission billion ($4.45 billion) cash rescue and sanctions against the Dutch state.
Net profit was euro1.38 billion ($2 billion), an increase of euro1.23 billion in the same period a year ago.
Banking, which will have to be separated from his arms of insurance as a sanction for having taken the support of the State during the financial crisis, increased 32% to euro1.7 billion.
As other banks now, ING margins are in good health that it pays customers little deposits and borrow cheaply itself but can lend or invest in higher rates. It also took less provisions for bad debts.
The ING Insurance gains has almost quadrupled to euro421 million on the best investment returns and more. The company plans between initial public offerings for its U.S. and Asian insurance operations and sell its smaller Latin American insurance business.
Shares increased by 2.8% in Amsterdam trade at the beginning to euro9.034.
Analyst for SNS securities that Lemer Salah indicated in a note on the remuneration that the best performance assurance of good augurs product when spin-off companies.
ING received State aid in billion euro10 at the financial crisis of 2008 and has also obtained the Dutch Government to agree to support the major part of its subprime mortgage portfoliolimiting the risks.
She gradually reimbursement of the aid, but after the last payment still owed the Netherlands emission billion more will be a penalty of euro1.5 when he reimburses.
ING said its Tier 1 Capital base ratio - the key measure of creditworthiness for banks - has increased by 10% after earnings, but it will fall back to 9.1% after upcoming refund, scheduled for May 13.
"The Bank and the insurance company posted strong results in the first quarter, showing progress on breeding programs of their respective performance as they prepare for their future as stand-alone companies," says CEO Jan Hommen in a statement.
ING plans to repay the rest of his money to rescue at the time of the next year, said, he has not set a date for the intellectual property of insurance offices. They will be produced when them "market conditions are favourable," he said.
