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ING Q1 profit down YOY on higher regulatory costs

reported afirst-quarter net result of €1.26 billion, down from €1.77 billion in theyear-ago period.

EPSdeclined year over year to 32 cents from 46 cents.

Thenet result from the group's banking operations amounted to €829 million in thefirst quarter, down on a yearly basis from €1.17 billion. The net loss from itsinsurance other segment was €78 million, compared to net income of €7 million ayear ago.

's interest resultrose to €3.25 billion from €3.18 billion in the first quarter of 2015.Commission income ticked up to €607 million from €606 million. Investmentincome declined over the same period to €71 million from €113 million.

Regulatorycosts reached €496 million, up from €174 million year over year. The groupnoted that the regulatory charge recorded in the first quarter is already morethan half of the estimated €960 million expected for 2016.

Thebank recorded additions to loan loss provisions of €265 million, down from €432million. The nonperforming loans ratio stood at 2.3% as of March 31, down from3.0% a year ago.

Thegroup booked a net income from discontinued operation of €506 million, up from€276 million in the first quarter of 2015. It did not book a result fromdiscontinued operation VoyaFinancial Inc., having reported income of €323 million in theyear-ago quarter.

Thegroup's fully loaded common equity Tier 1 ratio stood at 12.9% at the end ofMarch, up from 12.7% at the end of 2015 and 11.6% a year ago. On a phased-inbasis, the CET1 ratio stood at 13.0% at March-end, compared to 12.9% as of Dec.31, 2015.

ING Bank's fullyloaded CET1 ratio was 11.8% at the end of March, up from 11.6% three months agoand 11.4% a year ago.