(MENAFN– ecpulse)
Dutch banking and insurance group ING, reported Wednesday an 85 percent fall in its third quarter profit to 101 million euros, as losses on divestments in the third quarter were 950 million euros, reflecting the estimated loss on the sale of ING life insurance unit in Korea, which was announced in August 2013.
- Net income fell to €101 million from €659 million a year earlier
- Profit per share dropping 82.4% year-over-year to €0.03, from €0.17
- Profit excluding one-time items rose 5.6% to €891 million from €899 million estimated
- Pre-tax profit improved 8.3% to €1.22 billion from €1.13 billion a year ago
- Special items after tax totaled - €63 million
The company said it is advancing further into the end phase of its restructuring program, which would now be completed by 2016, as it had reached an agreement with the European Commission on a revised timeline to dispose of operations in Japan and Europe to complete a restructuring plan.
Under its new agreement, the timeline to sell more than 50 percent of ING Life insurance unit in Japan has been extended by two years to the end of 2015, ING will also accelerate the sale of all of its European insurance and investment management activities by two years to the end of 2016.
ING Groep NV share closed at 9.2760 euro on Wednesday, falling 3.87 percent or 0.3730 points.
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