ING Returns To Profit In Q3

TOBY STERLING

AMSTERDAM (AP) — ING Groep NV, the bailed-out Dutch financial services company, said Wednesday it made a profit in the third quarter, ending a year of heavy losses, as financial market conditions recovered.

Net profit was euro499 million ($748 million), compared with a loss of euro478 million in the same period a year ago, when the financial crisis became most acute.

"Negative market impacts were less severe than in previous quarters as equity markets improved," said Chief Executive Jan Hommen. Banking profits were helped by better interest margins and lower costs.

"However, the company's results continued to be impacted by impairments on mortgage-backed securities and negative revaluations on real estate investments," he said.

Shares rose 4.2 percent to euro9.95 in Amsterdam.

The current quarter included euro1.54 billion in market-related losses and provisions for bad loans, less than both the euro2.40 billion booked in the year-ago period and euro2.27 billion in the second quarter this year.

ING was forced to seek two bailout packages from the Dutch state as a result of the financial crisis.