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.