The Netherlands’ second biggest bank, ING, booked net profit of almost €1.6bn in the third quarter of this year; 16% down on 2005.

‘So far this year, the performance is substantially higher than last year – with underlying net profit up 20% to €5.6bn in the first nine months,’ chairman Michel Tilmant said in a statement. However, long-term interest rate developments would continue to be a challenge, Tilmant said.