Dutch financial services giant, ING Group, today reported growth in net profit of 10.6% for the first quarter ended March 31 to $1.57 billion.

Compared to last quarter, net profit rose 18%. Operational net profit per share grew 9% to $1.63. Operational net return on equity was on target with an increase of 18.1% during the first quarter.

The insurance business was strongest, with net profit from insurance operations up 29.5% to $945 million, thanks to good performance by life and non-life operations. Net profit from banking operations decreased 9.5%. The decrease was mainly due to a fall in commission income with lower stock prices and slower activity in equity markets worldwide. Assets under management grew 2.1% during first quarter 2001 to $713.2 billion.

“Thanks to our broad mix of products, we are able to continue our growth under adverse market conditions,” said ING executive board chairman Ewald Kist, noting that ING began major integration and synergy activities as the economic tide turned. “These projects enhance our client service, boost our product and distribution capabilities and enable ING to continue to grow and build for the future.”

Assuming no further deterioration of economic conditions and financial markets worldwide, the firm’s executive maintains its opinion that ING will meet its new target of an organic growth in operational net profit per share of at least 12% in 2001.