Financial services group ING is to repay the final €1.025bn it owes the Dutch government on Friday, six months ahead of the repayment schedule as agreed with the European Commission in 2012.
ING was instructed by the European Commission to divest NN because of the €10bn state loan it received during the banking crisis of 2008. ING was given a €10bn state loan during the banking crisis of 2008 to keep it out of financial trouble. Including interest, ING will have repaid €13.5bn to the Dutch state when it clears its loan.
The banking group also said on Wednesday it had posted net profit of €928m in the third quarter of this year, compared with €128m a year earlier. This is slightly below analyst expectations.
The increase is largely due to lower provisions and an improved performance at insurance arm Nationale Nedelanden.
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