Financial services group ING reported net profit of €1.3bn in the first three months of this year, well above analysts forecasts of up to €1bn.

The company posted a €793m loss in the year-earlier period.
This is a ‘stellar set of results with strong underlying developments,’ SNS analyst Maarten Altena was quoted as saying by Bloomberg.
ING said the performance of both its banking and insurance operations improved over the quarter as the markets improved. The group has been ordered by Brussels to split off its insurance operation as a condition for accepting a Dutch government bail-out.
‘Our priorities for this year are to ensure an orderly operational separation of banking and insurance and to improve the performance of both organisations to create strong independent companies going forward,’ CEO Jan Hommen said in the statement. ‘We are making good progress on all fronts.’