BackING reports first ever quarterly loss
ING reports first ever quarterly loss
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Amsterdam: Dutch bank and insurance group ING, which received a massive cash injection from the government last month, reported its first ever quarterly loss on Wednesday, blaming the financial crisis.
ING said that it had suffered an underlying net loss of €585 million ($731 million) in the 3 months to September, compared with a net profit of €1.95 billion a year earlier.
The third quarter was extremely challenging for financial institutions, the company said in a statement.
Against this background, ING reported its first ever quarterly loss, the statement said.
This translated into a net loss per share of 0.22 euro cents, compared to a net profit per share of €1.08 a year earlier, said the bank.
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