Q3 bites into ING's spring earnings

The Dutch at ING made 26 million euros in profit since the
beginning of the year, whilst the bank’s assets climbed to 2.8
billion euros at the end of September. Although they had a
difficult third quarter, the Dutch at ING are profitable across the
board on the Romanian market, posting 109 million RON (26 million
euros) in gross profit in the first nine months of this year, up
23% in RON against the similar period of 2008. Operating income
(from interest rates, commissions and trading) went up 48%, to 539
million RON (127 million euros). “Starting this year, all our
divisions have generated a profit as a result of previous
investments. This allows us to pursue our organic growth strategy,”
says Misu Negritoiu, general manager of ING Bank Romania. After a
very good first quarter, when profit saw a three-fold rise against
2008, ING entered a difficult period, with slight declines both in
the second quarter and in the third one. The bank’s gross profit
fell from 121 million RON in March to 114 million RON in June and
109 RON in September.