ING Groep Losses Stand At $980 Million In Q4 (ING)
February 17, 2010 4:35 PM
ING Groep NV (ADR) (NYSE: ING), the Amsterdam based European banking, and insurance giant has reported a big loss in Q4. ING reported net loss of $980 million in Q4 (712 million euros), which is much lower than the loss of 3.71 billion euros it reported for the same period last year.
The current loss includes a one-time pay back to the Dutch state of 930 million euros. The company made a 132 million euros profit in banking, with the retail banking division doing well. However, the corporate and real estate divisions continue to bleed. Provisions against bad debt grew by as much as 686 million euros.
"The bank showed a strong commercial performance, supported by improved interest margins, higher results from financial markets, and cost reduction," ING Chief Executive Jan Hommen said in a statement.
