By Sabela Ojea

ING Groep NV reported Thursday a rise in net profit for the first quarter, significantly ahead of market expectations for the period, thanks to an increase in fee income and lower risk costs.

The Dutch bank posted a net profit of 1.00 billion euros ($1.20 billion) compared with EUR670 million for the same period a year earlier.

Analysts expected the bank to post a net profit of EUR832.4 million, according to a forecast based on four analysts' estimates taken from FactSet.

Net interest income rose slightly to EUR3.51 billion from EUR3.50 billion for the year-earlier period. Total income rose to EUR4.70 billion from EUR4.51 billion, it added.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--stood unchanged at 15.5%.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

May 06, 2021 01:34 ET (05:34 GMT)

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