ING Group, the Netherlands-headquartered financial services firm, reported net loss of €1.92 million for the first quarter, compared to a profit of €1.9 million a year ago, reflecting the deconsolidation of Voya and the impact of the Dutch pension fund changes.

ING Group, a Netherlands-headquartered financial services firm, reported net loss of €1.92 million ($2.6 million) for the first quarter, compared to a profit of  €1.9 million a year ago, reflecting the deconsolidation of its US unit Voya and the impact of the Dutch pension fund changes.

The firm said in a statement that in the first quarter it had made an underlying net profit of  €988 million, down 15 per cent from €1.2 million in the first quarter last year.

The bank posted a first quarter underlying profit before tax of €1.2 million, roughly flat compared to a year ago but up 30.1 per cent sequentially.

ING is in the final stages of a restructuring plan following the bank's bailout by the Dutch government in 2008.

ING said that it had reduced its stake in its US unit, named Voya, to about 43 per cent, which had triggered the €2 million after-tax loss.

This impact together with €1 million charge for successfully completing the Dutch closed defined benefit pension plan agreement and a €202 million gain following the deconsolidation of ING Vysya Bank led to the group's quarterly net loss.