ING books better than expects Q2 results

Wednesday 08 August 2007

Bank insurer ING on Wednesday reported a 27% increase in net profit to €2.56bn for the second quarter. These figures include a windfall of €573m from the partial sale of interests in ABN Amro.

Profit excluding this one-off payment amounts to €2.17bn, representing a 8.2% rise on the same 2006 period. The results is better than analysts expected.

Company chairman Michel Timant said ING’s positive performance was due to the ‘strong economy and good market conditions’.

The company’s insurance activities were particularly successful in the second quarter with operational results up 50% to almost €2bn. Banking earnings remained stable at €1.3bn.

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