ING records Q3 loss of €585m

by Richard Kilner

Story link: ING records Q3 loss of €585m

Dutch bank ING has reported Q3 net losses of €585m, as a result of the continuing turmoil in the world financial markets.

The bank recorded year-to-date profits of €2,982m, a sharp fall compared to the first nine months of last year which saw profits of €6,759m.

The third quarter saw a net loss of €0.22 per share, compared to a profit of €1.08 in Q3 of 2007.

However, not all the news from ING’s third quarter results are bad, with retail deposits higher by €6.7bn.

Prior to its transaction with the Dutch State, the bank also kept all its capital ratios within the target range.

The final dividend for the year has been frozen at the €0.74 value paid in August.

Michel Tilmant, chief executive officer, described the third quarter of this year as an extremely challenging time for financial institutions due to the volatile nature of equity markets, falling real estate prices and several bank failures.

To counter the dangers of the time, Tilmant stated that ING had moved swiftly to shore up its capital base and sold its Taiwan business to decrease exposure to long-term interest rates and thus lower risk.