ING profits dive in second quarter

ING Groep recorded a 25% decline in profits as it dealt with weak financial markets and write-downs from subprime mortgages.
AUG 13, 2008
ING Groep NV recorded a 25% decline in second-quarter profits as it dealt with weak financial markets and write-downs from subprime mortgages. The Amsterdam, Netherlands, insurance and banking company reported net income of 1.92 billion euros ($2.86 billion), down from 2.56 billion euros in the year-ago period. Analysts polled by Thomson Reuters of New York had forecast a profit of 1.52 billion euros ($2.26 billion). The company wrote down 44 million euros from subprime mortgages, Alt-A and other asset classes that are under pressure. Additionally, the company had to negatively revalue 260 million euros through shareholders' equity. Profit in ING's insurance business fell to 1.15 billion euros ($1.71 billion), marking a 42% decrease from the year-ago period. ING Direct, the bank's online-banking division, was the only division to report growth, posting a 4.7% increase to 179 million euros ($266.6 million) from the second quarter of 2007. Assets under management fell 3.5% to 614.1 billion euros ($914.8 billion), compared with the year-ago period.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.