ING back in profit, analysts disappointed

After three consecutive quarterly losses, banking and insurance group ING on Wednesday reported a net profit of €71m in the second quarter of this year. This compares with a €1.9bn net profit a year earlier.

The net profit was lower than the €275m analysts had expected, according to media reports, and was entirely due to the company’s insurance operations. The banking division remained in the red.
Investors were clearly disappointed by the results. ING’s share price was down 5% on the Amsterdam stock exchange at midday.
In a statement, Jan Hommen CEO ING said: ‘Market impacts and the weaker economic environment continue to strain ING’s results. While we begin to see signs of recovery in financial markets, economic conditions are expected to remain challenging for some time…
‘We have made strides to reduce risk, stabilise the capital base and simplify our organisation in the first half. The merger of ING’s Dutch retail banking operations is well on track and a programme to integrate ING’s Dutch insurance operations has been announced with positive earnings contribution in 2010.’

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation