ING reports 499 mln euros in net profits

0 Comments | AFP, November, 2009

THE HAGUE (AFP) — Dutch bank and insurance group ING on Wednesday reported 499 million euros (748 million dollars) in net profits for the third quarter as the bailed-out company undergoes a major restructuring.

ING, which benefited from a 10 billion euro capital injection from the Dutch government in October 2008, had seen net losses of 478 million euros over the same period last year, the company said in a statement.

"ING achieved a strong commercial performance in the third quarter, illustrating the strength of our banking and insurance franchises even in this challenging economic environment," CEO Jan Hommen said.

The figures were in line with those pre-announced last month.

The company plans to split off its insurance operations as part of the...