ING reports profit jump
8 August 2007, AMSTERDAM (AFP) - Dutch banking and insurance group ING on Wednesday said second quarter net profit rose 27.1 percent, mainly due to an exceptional gain from the sale of shares in rival ABN AMRO.
8 August 2007
AMSTERDAM (AFP) - Dutch banking and insurance group ING on Wednesday said second quarter net profit rose 27.1 percent, mainly due to an exceptional gain from the sale of shares in rival ABN AMRO.
The sale of shares in ABN AMRO, which has seen its share price rise as it is courted by rival groups in what could be the biggest takeover in banking history, accounted for a net gain of EUR 573 million.
For the second quarter of 2007 ING reported net earnings of EUR 2.56 billion, compared to EUR 2.01 billion in the same period last year.
"ING posted strong results in the second quarter as the business continued to benefit from solid economic and market conditions," ING chairman Michel Tilmant said.
"Results benefited from a gain on the sale of part of ING's stake in ABN AMRO. However this was a record quarter on an underlying basis without those proceeds," he added.
Underlying profit for ING rose to EUR 2.75 billion. Excluding exceptional items, such as the sale of ABN AMRO shares, it came to EUR 2.17 billion, an 8.2-percent rise compared to last year.
The figures beat analysts' expectations and on the Amsterdam stock exchange, part of Euronext, ING shares rose 4.0 percent in the first hour of trading.
[Copyright AFP 2007]
Subject: Dutch news