ING reports first ever quarterly loss
Dutch bank and insurance group ING, which received a massive cash injection from the government last month, reported its first ever quarterly loss as a result of the financial crisis.india Updated: Nov 12, 2008 15:40 IST
Dutch bank and insurance group ING, which received a massive cash injection from the government last month, reported on Wednesday its first ever quarterly loss as a result of the financial crisis.
ING said it suffered a loss of 585 million euros (731 million dollars) in the three months to September, compared with a net profit of 1.95 billion euros a year earlier.
It said the third quarter had been especially difficult as the turmoil on the markets got even worse. "Against this background, ING reported its first ever quarterly loss," a company statement said.
Total banking income fell 11 per cent to 13 billion euros in the period.
"In these increasingly turbulent times, ING acted proactively to reinforce its capital base after the Dutch government made funds available to help stabilise the financial system and create a level playing field," chief executive Michel Tilmant said.
"The financial services industry is about trust, and as our customers face uncertain times it is essential that they have no reason to be concerned about the strength of ING as their financial partner," he added.
In early October, the government put 10 billion euros into ING to help it cope with the global financial crisis which has roiled markets, cut economic growth and forced many banks out of business.