ING booked net profit of €1.5bn in the second quarter of this year, a 25% increase on a year ago and above analysts expectations, the financial services group said on Thursday.

ING also said it would take a €310m write-down on its Greek state bond holdings. ING is one of the private sector investors which has agreed to help the EU-led bail-out.
The Dutch bank still has to repay €4.5bn to the state – which it plans to do so by May 2012. A number of assets have been sold and ING is to separately list its insurance division – one of the conditions imposed upon it by Brussels in return for the state aid.
‘The bank posted another strong quarter, as margins held up well and we continued to grow volumes in savings and lending despite the challenging operating conditions in the second quarter,’ said CEO Jan Hommen.
Nevertheless, ‘the economic environment and financial markets remain uncertain’ and the bank will ‘reinforce our vigilance on costs by focusing on structural improvements in our processes and organisation,’ he said.
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