ING Group stable results during first quarter 2002

Stable results in weak markets supported by expense control and lower taxes

'Our first quarter results are on a par with the strong first quarter of 2001 and much better than the disappointing fourth quarter of last year.' said Ewald Kist, chairman of the Executive Board.

'Compared to the first quarter of 2001, we realised a good increase in operational net profit from insurance activities, but substantially higher risk costs affected the banking result. However, the result from banking improved strongly on the fourth quarter of 2001. With several integration and restructuring projects fully on track, total income growing and tight cost control resulting in a lower cost base, ING is making good progress to deliver the performance improvement that we promised our shareholders.'

* Operational net profit +0.4% on first quarter 2001 to EUR 1,136 million, per share EUR 0.59 (+0.3%)
* Total income +10.7% (+4.3% organically)
* Total operating expenses +1.7% (–2.7% organically)
* Operational net profit +19.8% on fourth quarter 2001, insurance +13.4%, banking +37.4%
* Assets under management +4.0% to EUR 534 billion, net inflow EUR 12.8 billion

Profit expectation 2002
We made a good start for the year. We managed a healthy increase of our revenues and lowered our cost base. However, there are still many economic and political uncertainties. At this point in time, the Executive Board expects to exceed last yearÂ's operational net profit per share of EUR 2.20.

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(source: ING)

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