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ING announced 1.33 billions USD profit for the first quarter

The largest Dutch financial group ING Groep out a profit in the first quarter of this year, after write-offs of bad assets and its loans decreased, thanks to the sale of its private banking business in Asia and Switzerland. ING's net profit for the first three months of this year amounted to 1.33 billion, which exceeded analysts expectations of a positive financial result of 981 million. For the same period of 2009 financial and loans company announced a loss of 793 million. Amsterdam-based financial group, founded in 1743, plans to split its operational banking business of insurance by the end of this year, then sell its insurance unit. The latter made a profit of 1.28 billion for the first quarter, subtracting the sales of assets and one-off effects on revenue and expenditure. The company realized good marketing strategy with Remortgage deals and got high increase of the profit. This was supported by recovering economy and great financial results of the many business structures. Meanwhile, private banking has brought the financial group profit of 269 million euros. Shares of ING risen by 7% to 7.22 dollars on the stock exchange in Amsterdam today, increasing its market capitalization to 27.7 billion. At the end of March, ING has investments in assets at risk of sovereign crisis in Greece for 3.2 billion.
Its exposure to Spain and Portugal amounted to 2.8 billion euros and 1.6 respectively. In the first quarter the bank has earmarked 497 million euros for problem loans to 682 million during the same period last year. Its ratio of capital tier (Tier 1) is estimated at 8.4 percent and has risen from 7.8 percent in late 2009, the International Standard tier funds is 8%.