EUROPE - ING has posted an underlying net profit of €1.9m (US$2.8m), down 28.8% on the same period last year, its second quarter results reveal.
The results also revealed that commercial growth continued despite the increasingly competitive market and reported strong production of client balances of €26.6bn.
ING said the revaluation of -€260m after tax through shareholders' equity in the second quarter was to reflect current market values.
Chairman and chief executive officer (CEO) Michel Tilmant said: "ING continues to weather the turmoil in credit markets well, as writedowns on pressurised assets remained limited in the second quarter.
"We are of course, not immune to the challenging environment around us, and the sustained weakness across financial markets put pressure on earnings."
He added: "We took advantage of the brief market rally in April to reduce our equity exposure. Nonetheless, equity gains net of impairments were significantly below the exceptional levels realised last year."
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