ING Direct in Trouble? Profit Drops by 25%.
Today, Market Watch reported that ING Direct‘s earnings were down 25.00%:
LONDON (MarketWatch) — Dutch insurance and banking firm ING Group on Wednesday reported a 25% drop in second-quarter net profit as the downturn in markets weighed on its investment returns, though write-downs on risky debt remained low. The group reported a net profit of 1.92 billion euros ($2.86 billion), down from 2.56 billion euros a year earlier but still ahead of market expectations.
ING attributed a good part of the loss due to write-downs of sub-prime mortgages they had offered to customers which had gone into default:
ING said the bottom-line impact of write-downs in subprime and other risky assets was just 44 million euros in the quarter. It also wrote-down around 260 million euros through shareholders’ equity, which doesn’t affect profit.
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