ING Group NV reported Wednesday that it swung to a first-quarter profit as writedowns narrowed, bad loans fell and it booked a gain on the sale of Asian and Swiss private banking businesses.

The biggest Dutch financial services company had net income of 1.33 billion euros ($1.68 billion), above the 981 million-euro average estimate of 12 analysts surveyed by Bloomberg News. ING posted a 793 million-euro loss a year earlier.

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