ING profits up 27 per cent in second quarter

8 August 2007

ING has posted a 27 per cent rise in second-quarter profit, assisted by the partial sale of its sake in ABN Amro.

The Dutch financial services group's profits hit $3.54 billion for the period - up from last year's figure of $2.7 billion.Revenue, meanwhile, was up 1.7 per cent to $26.5 billion.

The firm's sale of an undisclosed share of its 6.5 per cent stake in ABN Amro netted $791 million. Growth was especially evident in the firm's insurance business where pre-tax profit was up 49.8 per cent to $2.7 billion from $1.8 billion for the year ago period.

Michel Tilmant, ING chairman, said: "ING posted strong results in the second quarter as the business continued to benefit from solid economic and market conditions.

"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."

News of the firm's performance comes as it has announced today that it is to open a retail bank in Ukraine next year, as it continues its programme of expansion in Eastern Europe.

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