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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: ING reports first ever quarterly loss AFP - 2 hours 56 minutes ago AMSTERDAM (AFP) - - Dutch bank and insurance group ING, which received a massive cash injection from the government last month, reported its first ever quarterly loss on Wednesday, blaming the financial crisis. ING said it had suffered an underlying net loss of 585 million euros (731 million dollars) in the three months to September, compared with a net profit of 1.95 billion euros a year earlier. "The third quarter was extremely challenging for financial institutions," the company said in a statement. "Against this background, ING reported its first ever quarterly loss." This translated into a net loss per share of 0.22 euro cents, compared to a net profit per share of 1.08 euros a year earlier, said the bank. Net profit for the first nine months of the year stood at 2.9 million euros, compared to 6.7 million euros last year. "In these increasingly turbulent times, ING acted proactively to reinforce its capital base after the Dutch government made funds available to help stabilise the financial system and create a level playing field," chief executive Michel Tilmant said. "The financial services industry is about trust, and as our customers face uncertain times it is essential that they have no reason to be concerned about the strength of ING as their financial partner," he added. In October, the government put 10 billion euros into ING, one of the world's 20 biggest banks, to help it cope with the global financial crisis that has roiled markets, cut economic growth and forced banks out of business. The bailout came two weeks after the government put 16.8 billion euros into the rescue of banking group Fortis. ING has also sold its Taiwan life business in a bid to reduce its exposure to long-term interest rates. "Following these transactions our capital position is stronger and we have capacity to absorb the impact of a further deterioration in financial markets," said Tilmant. He said the company's commercial performance was "resilient, even in this challenging and highly competitive environment". Savings and deposits grew by 13 billion euro and lending by 23 billion euro. But new life sales declined by 8.5 percent. Tilmant said the company expected "weakening economic conditions to put pressure on results into 2009." ING was trading 2.2 percent higher shortly after the opening of the Amsterdam stock exchange Wednesday. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A branch of the Dutch bank and insurance group ING in the centre of Brussels, October 2008. ING, which received a massive cash injection from the government last month, reported its first ever quarterly loss on Wednesday, blaming the financial crisis. Most Popular – Top Stories Viewed Britney Spears's son hospitalized: statement Ancient 4,300-year-old pyramid discovered in Egypt US expands record bailout of insurance giant AIG Obama, Bush discuss world of challenges Swiss fear more pressure on bank secrecy after Obama victory View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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