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November 11, 2009

ING announce rising profits

by Richard Kilner

Story link: ING announce rising profits

Dutch bank ING has reported it made underlying net income of €778m in Q3, a rise on the second quarter where €229m was made, and a huge turn around from the same quarter last year when the firm incurred a loss of €568m.

The result is marginally better than expected, with a net profit of €750m forecast by the bank earlier this month.

The results do not include risk costs or market impacts, which total around €2.4bn.

Chief Executive Officer Jan Hommen described the results as a strong commercial performance despite the challenging economic environment.

Hommen went on to say that the bank’s Back to Basics programme was progressing, and the firm had saved around €1bn in operating expenses, with a €1.3bn target for the full year.

In the next quarter the bank will begin moves to fully separate its banking and insurance operations.


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