DBRS: ING Bank unchanged

DBRS said that the ratings for ING Bank NV, including the issuer and long-term debt rating of AA (low), are unchanged following the release of ING Groep NV's 1Q11 earnings.

The trend remains stable.

For the quarter, the group reported underlying net profit of €1.5 billion, up from €341 million in 4Q10, the agency added. The bank reported a solid 1Q11 result, including underlying net profit before tax of €1.7 billion for the quarter, up 14.6% from 4Q10.

ING's first-quarter results highlight the continued progress the bank is making in executing its various strategic initiatives, the agency said. Revenues were up from 4Q10, benefitting from good growth in retail funds entrusted, moderate loan growth despite still-weak demand and a strong quarter for financial markets.

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