Banking and insurance group ING posted net profit of €2.3bn in the third quarter of this year, slightly above analysts’ forecasts.
Earnings were boosted by a €455m one-off from the sale of the bank’s stake in ABN Amro. Excluding the ABN Amro gain and on lower revalutations of real estate and private equity investment, profit was down 8.6%, ING said.
Despite the US credit crisis and market upheaval, ‘risk management protected us against the direct impact of this turmoil, demonstrating ING’s resilience in a challenging environment,’ said chairman Michel Tilmant.
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