ING Group reports surge in Q4 underlying net profit
Published:20-February-2008
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ING Group has reported that its underlying net profit for the fourth quarter of 2007 increased 23.9% to E2.62 billion, supported by gains on equities.
The group's net profit for the quarter has improved by 18.1% to E2.48 billion, or E1.18 per share. Full-year underlying net profit increased 19.4% to E9.17 billion as compared to 2006. Net profit for the period raised 20.1% to E9.24 billion, or E4.32 per share.
ING has realized commercial growth, despite challenging environment with new life insurance sales up 26.8% in the fourth quarter of 2007, driven by central Europe, Asia, the US and Latin America. Volumes in banking continue to grow, with loans and advances to customers up E24.5 billion in the quarter.
Michel Tilmant, chairman of ING, said: "In 2007 we continued to deliver on our strategic priorities without distraction from the market turmoil. We made significant investments to grow organically, we acquired new platforms for growth in developing markets, such as Oyak Bank in Turkey, and we expanded our pension franchise in Latin America."
