ING Groep, the largest Dutch financial services company, reported on Wednesday a better than expected first-quarter underlying pretax profit of 1.65 billion euros, up 39 percent from a year ago.
The company cited
ING has been winning customers, notably in Germany, on the strength of its mobile telephone banking software, and limiting its costs by building few branch offices in the countries where it is expanding.
The results reflect "continued loan growth, good cost control and relatively low-risk costs," CEO Ralph Hamers said in a statement. "Wholesale Banking's contribution was particularly strong, led by higher income from Financial Markets and commissions."