English
Dutch-based financial group ING Groep NV concluded the third quarter of the year with a profit, following an improvement in market conditions.
ING reported a net profit of 499 million EUR (748 million USD) for the third quarter of the year, which is substantially better than the 478 million EUR loss reported in the year-earlier period. Banking services generated earnings of 274 million EUR, up from losses of 216 million EUR a year ago, whereas insurance services brought in 587 million EUR, compared to losses of 496 million EUR in Q3/08.
Provisions created for bad loans increased to 662 million EUR from 373 million EUR in the corresponding period of 2008.
Earlier this month, ING unveiled plans to separate the two lines of business, insurance and banking, and to issue new shares for 7.5 billion EUR. The separation is a requirement of the European Commission, following the disbursement of 10 billion EUR in State aid to ING in 2008.
So far through the year, ING has cut some 10,400 jobs, equal to 8.3 per cent to the total headcount.
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