ING reports second-quarter profit of US$100m
By Toby Sterling |
August 13, 2009, Thursday
|
Print Edition
Print Edition
ING Groep NV, the Dutch bank and insurer, reported a net profit of 71 million euros (US$100 million) for the second quarter yesterday - a 96 percent drop on the year - due to a mix of bad loans amid the recession, weak real estate investments and poorly timed hedges.
Net profit was 1.92 billion euros in the same period last year, before the financial crisis struck. But ING lost more than 5 billion euros in the following three quarters. The second-quarter results represent a return to profitability.
"ING posted solid commercial performance in the quarter, as a more favorable interest rate environment and improved margins on savings and lending led to a 19.4 percent increase in interest income at the banking operations," said Chief Executive Jan Hommen in a statement. "In insurance, the recovery of equity markets in the second quarter helped boost fees on assets under management."
However, ING increased its provision against bad loans by 852 million euros and suffered for being wrong in its positioning during the sharp rebound of recent months.
"All in all, we are somewhat disappointed with the numbers and the uncertainty regarding potential further negative impacts in terms of loan losses and real estate impairments," SNS Securities analyst Maarten Altena wrote in a note.
Net profit was 1.92 billion euros in the same period last year, before the financial crisis struck. But ING lost more than 5 billion euros in the following three quarters. The second-quarter results represent a return to profitability.
"ING posted solid commercial performance in the quarter, as a more favorable interest rate environment and improved margins on savings and lending led to a 19.4 percent increase in interest income at the banking operations," said Chief Executive Jan Hommen in a statement. "In insurance, the recovery of equity markets in the second quarter helped boost fees on assets under management."
However, ING increased its provision against bad loans by 852 million euros and suffered for being wrong in its positioning during the sharp rebound of recent months.
"All in all, we are somewhat disappointed with the numbers and the uncertainty regarding potential further negative impacts in terms of loan losses and real estate impairments," SNS Securities analyst Maarten Altena wrote in a note.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
