Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Child Migrants In America: What to do about the wave of unaccompanied minors? (Part Two)

Read more

DEBATE

Child Migrants In America: What to do about the wave of unaccompanied minors?

Read more

THE INTERVIEW

Abbas Araghchi, Iranian deputy foreign minister

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

FOCUS

When water becomes a weapon of war

Read more

ENCORE!

Eve Ensler: 'In The Body Of The World'

Read more

THE INTERVIEW

Ed Husain, Author of 'The Islamist'

Read more

DEBATE

Pakistan Protests: Democracy put to the test

Read more

DEBATE

Pakistan Protests: Democracy put to the test (part 2)

Read more

  • IS video purports to show beheading of second US journalist

    Read more

  • Could France sell the Mona Lisa to pay off its debts?

    Read more

  • Video: Bodies ‘left behind’ as Ukraine forces flee rebel assault

    Read more

  • Trust and 'bio-disaster units' needed to fight Ebola

    Read more

  • France vows crackdown on unemployment benefit ‘abusers’

    Read more

  • Julie Gayet wins privacy case against French glossy Closer

    Read more

  • Germany blocks popular car pick-up service Uber

    Read more

  • Several UN peacekeepers killed in Mali explosion

    Read more

  • NATO plans new 'spearhead' force to counter Russia

    Read more

  • French clubs left behind as others spend big

    Read more

  • Britain drops arrest warrant for ill boy’s parents

    Read more

  • When water becomes a weapon of war

    Read more

  • Arab media strike back at IS Islamists – with cartoons

    Read more

  • US military targets Somalia's al Shabaab Islamist group

    Read more

  • Eve Ensler: 'In The Body Of The World'

    Read more

  • Boko Haram Islamists seize northeast Nigerian town

    Read more

  • Is Carla Bruni against a political comeback for Sarkozy?

    Read more

  • Monaco’s Falcao leaves Ligue 1 for Man Utd

    Read more

Business

Dutch group ING posts massive Q4 loss

Latest update : 2009-02-18

Dutch financial group ING reported a 3.7 billion euro fourth quarter net loss, despite getting a 10 billion euro state bailout just months earlier. The company blamed the financial crisis for its "unprecedented impact" on the bank.

AFP - Dutch bank and insurance group ING Wednesday reported a 3.7-billion-euro (4.7-billion-dollar) fourth quarter net loss just months after receiving 10 billion euros from the state to help weather the global economic crisis.
  
This represented a 249 percent loss on the 2.5-billion-euro net profit posted in the same quarter of 2007, the company said in a statement.   
  
"The financial crisis has had an unprecedented impact on our industry and the magnitude of the crisis has left few companies untouched," board chairman Jan Hommen said in a statement.
  
"ING had started the year focused on growth, and we were overtaken by the pace and severity of the downturn in the fourth quarter that eroded our earnings and our equity."
  
For the year as a whole, ING reported a 729-million-euro loss, down 108 percent from a 9.2-billion profit in 2007.
  
ING is one of the world's top 20 banks by market capitalisation with 85 million clients and some 130,000 employees.
  
In October last year, it received a 10-billion-euro cash injection from the Dutch state but announced in January it would shed 7,000 jobs globally this year as part of a plan to generate savings of one billion euros in 2009 and 1.1 billion euros annually thereafter.
  
"As we enter what may be another tumultuous year our key capital ratios are within the new market norms, but we will remain vigilant in managing our capital and risks in the current environment," said Hommen.
  
"Our top priorities this year are to further reduce asset exposures and rationalise the cost base. We aim to shrink the balance sheet of ING Bank by 10 percent compared with the end of September, while continuing to lend to key customers in our home markets. And we are reallocating investments towards less risky assets."
  
Hommen said the company would review its portfolio of businesses in the coming months.
  
"We must reduce the complexity of the group by focusing on fewer businesses and markets.
  
"In order to truly drive operational excellence, we must simplify governance, reinforce accountability, and make the organisation more responsive to our customers' needs."
  

Date created : 2009-02-18

COMMENT(S)