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ING records better-than-expected Q2 results
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08:01, August 09, 2007

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Dutch banking and insurance group ING on Wednesday reported a 27-percent increase in net profit to 2.56 billion euros for the second quarter of this year.

These figures include a windfall of 573 million euros from the partial sale of interests in rival ABN Amro. The latter's share price has risen quickly this year as it is courted by rival groups in what could be the biggest takeover in banking history.

Excluding this one-off payment, ING's profit amounts to 2.17 billion euros, representing a 8.2-percent rise during the same period last year. The results are better than analysts expected.

ING chairman Michel Timant said the company's positive performance was due to "strong economy and good market conditions."

The company's insurance activities were particularly successful in the second quarter with operational results up 50 percent to almost 2 billion euros. Banking earnings remained stable at 1.3 billion euros.

Source: Xinhua

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