ING profit dives 96% on sticky loans, writedowns
China Daily | Updated: 2009-08-13 08:02
AMSTERDAM: ING Groep NV, the largest Dutch financial-services company, said second-quarter profit fell 96 percent, more than analysts estimated, as it set aside money for risky loans and reduced the value of its real-estate holdings.
ING tumbled as much as 15 percent in Amsterdam trading after reporting net income of 71 million euros ($100 million), below the 362 million-euro median estimate of 10 analysts surveyed by Bloomberg.
"Market impacts and the weaker economic environment continue to strain ING's results," Chief Executive Officer Jan Hommen said. "Credit quality worsened, leading to a rise in risk costs, while lower property prices in many regions triggered negative revaluations on real estate."
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