For the latest quarter period, its net profit summed up EUR680m, including the impact of divestments and special items, against a net profit of EUR1.4bn during the same quarter previous fiscal.

For the quarter period ended on 31 March 2012, its insurance segment registered an operating result of EUR475m, supported by a strong investment margin and higher fees and premium-based revenues.

In Insurance segment, its sales grew 5.1% from the first quarter, and jumped 29.6% from the fourth quarter of 2011, respectively.

According to ING Bank, its core Tier 1 ratio strengthened to 10.9%, reflecting the sale of ING Direct USA and ongoing capital generation, while the Insurance IGD solvency ratio remained stable at 225%.

ING Bank CEO Jan Hommen said the operating environment remained challenging in the first quarter, as the European sovereign debt crisis persisted, increasing volatility on financial markets.

"The impact of this environment was evident in our underlying results, which declined from a strong first quarter last year; however, earnings for both Bank and Insurance improved from the previous quarter," Hommen said.

"Bank results rose 65.1% from the fourth quarter, supported by lower impairments, despite a negative CVA/DVA adjustment in the first quarter of 2012. Expenses declined compared with both prior quarters, and loan loss provisions improved slightly from the fourth quarter, but are expected to remain elevated given the weakening economic environment in Europe.

"Insurance results recovered from the fourth quarter, though underlying earnings continue to be impacted by mark-to-market losses on hedges to protect regulatory capital. Operating results remained solid, driven by a strong investment margin and higher fees and premium-based revenues as sales gained momentum in Asia, the US and Central Europe."

ING’s retail banking operations deposited EUR11.4bn of new funds, thus strengthening the funding position of ING Bank, and on professional markets the Bank raised EUR9.2bn of long-term funding.

Commercial Banking underlying result before tax stood at EUR611m, down 24% from the first quarter of 2011, but up 63% compared to the previous quarter.

The Corporate Line Banking segment registered an underlying loss before tax of EUR101m versus EUR120m during the same quarter a year ago.