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ING reports Q3 results

Dutch bank ING has reported a rise in underlying net income of approximately 50%, up from €727m in Q3 2009 to €1,043m in the third quarter of this year.

However, it is a decline from the second quarter when the bank made underlying net income of €1,202m.

ING also made net income of €371m (€0.10 per share), after taking a goodwill write-down of €531m related to Insurance US.

This is around a third of the €1,090m net profit made during Q2 2010, but the difference is largely due to the write-down.

Underlying net profit for the first nine months of the year was €3,262m, more than fourfold the €706m made in the corresponding period in 2009.

ING Group Chief Executive Officer Jan Hommen hailed the bank’s good progress towards its goal of creating stand-alone companies for banking and insurance.

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