THE NETHERLANDS - Total revenues at ING were up by 11.2% to EUR41bn for the first nine months of 2001. This positive result coincides with an increase in operational net profit by 8.4% to EUR3.304m.
These increases were slightly shadowed by the decrease in assets under management by 3.3% to EUR486bn.
Commenting on ING’s 3Q results, executive chairman Ewald Kist said: “The severe deterioration in global market circumstances is also impacting ING. Especially in the third quarter, revenues, risk costs and results of many lines of business came under pressure.”
“With our business mix we are able to respond to the current shift in demand towards lower-risk products such as savings accounts and guaranteed income products. To counter the adverse market developments we are stepping up our efforts to lower costs while maintaining high standards of customer-friendly service.”
The operational net return on equity increased from 12.2% for the full year 2000 to 18.4% for the first nine months of 2001, slightly above the target rate of 18%.
Provided economic conditions or financial markets worldwide do not significantly deteriorate further, the ING executive board expects a total increase in operational net profit per share of around 5% for the full year 2001.
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