ING Q3 profit beats Street on strong banking, insurance biz

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Amsterdam, New Delhi: ING on Wednesday reported 499 million euros profit for the third quarter, as against a net loss of 478 million euros in the year-ago period. Strong performance in banking and insurance business helped the Dutch financial services firm to perform beyond expectations, ING said in a statement.

“ING achieved a strong commercial performance in the third quarter, illustrating the strength of our banking and insurance franchises even in this challenging economic environment,” ING Group CEO Jan Hommen.

Meanwhile, in the insurance business, the company has witnessed a strong growth across the globe-Asia Pacific, Europe and the US. America emerged as the best performer as it swung into a profit of 182 million euros from a net loss of 83 million euros, followed by Europe where net profit jumped to 157 million euros from 47 million euros in the year-ago period.

In Asia-Pacific, ING's net profit in insurance business stood at 165 million euros in the July to September period, as against 50 million euros a year earlier.

At insurance arm, total underlying income in the Asian region declined to 2.12 billion euros in the third quarter of 2009 from 3.12 billion in the year-ago period. The company has registered a net profit of 188 million euros in the overall banking sector compared with a loss of 128 million euros in the same quarter last year. ING's total underlying income increased to 3.16 billion euros from 2.62 billion euros in the year-ago period.