ING Group posted an underlying net profi t of EUR 1,285
million in the third quarter, up 53.9% from the third
quarter of 2010 , due to a signifi cant improvement at
Insurance , which reported a loss one year ago. On a
sequential basis underlying net results were 15.9% lower,
refl ecting the impact of volatile fi nancial markets, a
weakening macroeconomic environment and further
impairments on Greek sovereign debt.
Third-quarter results include EUR 467 million of pre-tax
impairments (afschrijvingen) on Greek sovereign debt.
ING Bank reported an underlying result before tax of EUR
1,063 million, down 28.8% from the third quarter of last
year and 18.5% lower than the second quarter of 2011.
The decline in results compared with both periods was
mainly caused by EUR 267 million of impairments on Greek
government bonds and a sharp decline in the Financial
Markets results of Commercial Banking, refl ecting
sustained weakness in fi xed income and equity markets.