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ING profit falls 22.3%

Wednesday 08 August 2012

Financial services group ING on Wednesday announced a fall in profit of 22.3% to €1.17bn in the second quarter of 2012, compared with €1.51bn in the year-earlier period.

The group called the figures 'solid' in these 'uncertain times', news agency Novum reports.

The fall in profit was caused by the write-off of bad debts and provisions to lower risks in investments in countries such as Spain.

The banking arm saw profit fall 13.1% to €995m. ING insurance profit almost halved to €229m.

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