Pre-tax profits from wholesale banking at ING soared by 53% to more than €1bn ($1.3bn) in the first quarter as asset sales and lower provisions helped mask a fall in income from investment banking fees and interest payments.

In the three months to March 31, pre-tax profits rose from €668m a year ago to €1.02bn this year. They were boosted by a €255m gain from the sale of Baring Asset Management and a €30m windfall from the sale of a 12.77% stake in ING Bank Slaski in Poland.