ING Reports Q1 Profit - ING Groep (NYSE:ING)

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(NYSE: ING) reported a profit for the first quarter on Thursday. The bank posted a quarterly net profit of EUR1.77 billion, or 0.46 euro per share, versus a year-ago net loss of EUR1.92 billion, or 0.50 euro per share.ING's underlying pretax profit climbed 41 percent year-over-year to EUR1.66 billion in the latest quarter.On an underlying basis, net result at its banking arm climbed 43 percent to 1.19 billion euros, versus analysts' estimates of 1.07 billion euros.Its pretax profit at commercial banking climbed to 739 million euros from 423 million euros.Provisions for bad loans slipped 8 percent year-over-year to EUR432 million.ING shares rose 1.30 percent to $15.64 in pre-market trading.