ING profit hit by loss on sale of Korean arm

November 6, 2013

AMSTERDAM (AP) — ING Groep NV has reported a sharp fall in profit for the third quarter after it booked a loss on the sale of some operations. However the company's chief executive said underlying profits are stable and ING is close to repaying the last of a bailout it received from the Dutch state in 2008.

CEO Ralph Hamers said Wednesday ING is "grateful" for the taxpayer money.

Net profit was 101 million euros ($136 million), down from 659 million euros in the same period a year ago, including a 950 million euro loss on the sale of its South Korean insurance arm. Underlying profits, which exclude tax and one-time items, were 891 million euros, up 6.5 percent.

ING plans a 2014 initial public offering of shares in its European insurance arm.