ING is back in the black

first_img whatsapp ING is back in the black Wednesday 11 August 2010 8:41 pm whatsapp KCS-content Show Comments ▼center_img BAILED-OUT Dutch bank ING bounced back into first-half profit yesterday and said it was on track to divest its insurance arm to comply with European rules on state aid.A strong resurgence in retail banking helped push ING to a net gain of €2.4bn (£2bn) for the first six months of the year, up from a loss of €722m last year, when it was hit by heavy writedowns to its bond and property portfolios. Underlying profits from high street lending tripled to €944m year-on-year in the second quarter as the institution enjoyed higher interest margins on savings and put aside less cushioning for bad loans.But performance was less spectacular at ING’s insurance division, which it aims to run on a standalone basis by the end of the year. The business snuck back to a slim pre-tax profit of €154m over the half and lost €115m in the second quarter. Chief executive Jan Hommen said the unit would be floated or sold, with analysts estimating the total value at around €15bn. Proceeds will be used to repay the €5bn ING still owes the Dutch taxpayer. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoHero WarsBig Boss of internet games!Hero WarsUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld LifestyleUndo Share More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comConnecticut man dies after crashing Harley into live bearnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com Tags: NULLlast_img

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