Financial services group ING booked net profit of almost €1.4bn in the first three months of this year, up 12% on the year earlier period.

ING is in the process of splitting off its insurance operations and said it is pleased with the results at both the banking and insurance arms. Nevertheless, CEO Jan Hommen was cautious about forecasts, saying growth is levelling off in the US.
The Amsterdam-based company will pay off a further €2bn of its state support next week.