Financial services group ING on Wednesday announced second quarter net profit of €788m, down 39.1% on the year-earlier period.

Much of the loss was caused by the insurance activities in Asia, where ING booked a below-the-line loss of €100m.

Operating profit increased 13.5% to €1.15bn, and the credit ratio improved to €616m against €561m in the year-earlier period.

‘ING has made good progress so far this year to improve our operational performance, execute our restructuring and prepare our banking and insurance companies for independant futures,’ CEO Jan Hommen said in a statement.

It is Hommen’s last financial statement, who is retiring later this year. He will be succeeded by Ralph Hamers on October 1.