ING Groep posts 6.5% rise in net for 2nd quarter.

Financial News, August, 2002

ING Groep beat market expectations by posting a slight improvement in second-quarter net income but warned it saw little sign of an economic recovery until at least next year.The Dutch banking and insurance company, one of Europe's top 20 banks, said net income edged up 6.5% to [euro]1.70bn from [euro]1.59bn ($1.67bn from $1.56bn) in the year-earlier period, lifted by a lower tax rate, capital gains on investments and a resilient performance in the company's insurance division. Revenue jumped 13% to [euro]20.22bn from [euro]17.88bn.

Looking ahead, ING said global equity markets showed little sign of improving and a recovery in the European economy was unlikely until 2003. However, Ewald Kist, chief executive, said aggressive cost-cutting at the bank would help...

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