ING Group, N.V. Common Stock (ING)

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ING - A profitable Bank that customers love

LONDON (MarketWatch) -- Dutch financial services group ING said Wednesday that it swung to a first-quarter net profit of 1.33 billion euros ($1.69 billion) from a year-earlier loss of 793 million euros as earnings recovered in both its banking and insurance operations. Analysts polled by Dow Jones Newswires had expected a profit of 930 million euros. ING said its banking arm was boosted by stronger savings and mortgage volumes as well as improved margins in retail banking. In insurance the firm said the market recovery had helped reduce the impact of impairments and revaluations and that sales rose nearly 21% from the fourth quarter. "We must remain vigilant as markets are still volatile and the economic recovery could prove fragile, as we have seen in recent weeks with severe market volatility amid concerns about sovereign risk," said CEO Jan Hommen.