ING profits tumble in the second quarter
Dutch banking and insurance giant ING reported a 29% fall in underlying net profit for the second quarter, with lower investment results accounting for the bulk of the decline. Its Australian profit also sank 38% as lower asset values and fee income took a toll.
Net profit tumbled to €1.95 billion ($3.33 billion), compared to €2.74 billion ($4.68 billion) in the same period last year.
Underlying gross profit from insurance declined by 42% to €1.15 billion ($1.97 billion), reflecting the impact of volatile equity, real estate and private equity markets.
CEO Michel Tilmant says the global financial services industry is doing it tough.
“Financial services companies are facing unprecedented market volatility, limited liquidity, and intensified competition for deposits, which we see continuing into 2009,” he said.
Net profit tumbled to €1.95 billion ($3.33 billion), compared to €2.74 billion ($4.68 billion) in the same period last year.
Underlying gross profit from insurance declined by 42% to €1.15 billion ($1.97 billion), reflecting the impact of volatile equity, real estate and private equity markets.
CEO Michel Tilmant says the global financial services industry is doing it tough.
“Financial services companies are facing unprecedented market volatility, limited liquidity, and intensified competition for deposits, which we see continuing into 2009,” he said.