ING second quarter earnings fall 29%

Financial services group ING on Wednesday reported that its net profit in the second quarter fell to €1.95bn, almost 29% lower than the same period last year.

The figure was however higher than analysts expected, reports ANP news service.
ING said results were under pressure from lower property and private equity valuations as well as lower equity capital gains. These were accountable for €754m of the profit downturn, it said.
Both the insurance and banking divisions of ING booked pre-tax profit of just over €1bn in the second quarter. However profits in the commercial and consumer banking sectors were down 40% and 10% respectively.
‘ING continues to weather the turmoil in credit markets well,’ said CEO Michel Tilmant in a statement. ‘We are, of course, not immune to the challenging environment around us, and the sustained weakness across financial markets put pressure on earnings.’
‘ING maintained its commercial growth in these challenging market circumstances… Financial services companies are facing unprecedented market volatility, limited liquidity, and intensified competition for deposits, which we see continuing into 2009.’

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