ING posts Q4 loss following write-offs

Financial services group ING posted a loss of €712m in the fourth quarter of 2009, taking its full year loss to €935m, the bank said on Wednesday.


In the final quarter of 2008, at the height of the financial crisis, ING booked a loss of €3.7bn
The Q4 loss stems from €930m in repayments to clear part of the government’s €10bn loan, ING said.
Although the Q4 results are well below analysts forecasts, the underlying results are solid, analyst Maarten Altena of SNS Securities told the Financieele Dagblad. ING shares rose on the Amsterdam stock exchange in early trading.
The group booked a full-year underlying net result €748m compared with a loss of €304m in 2008.
Tumultous
‘2009 was a tumultuous year for financial markets, and for ING,’ said CEO Jan Hommen in a statement. ‘Yet even in this challenging environment, we made great strides to improve our operating performance, cut expenses and return to profit on an underlying basis.’
ING is currently working on a major revamp, including spinning off its insurance business and refocusing as a retail bank. The split up was ordered by the European Commission in return for the approval of a government bail-out.
‘2010 will be a year of transition, and it will not be without challenges, as we work towards the operational separation of the banking and insurance businesses, Hommen said.

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