2008-11-12 09 h 42 :: thisismoney.co.uk :: ING annonce sa toute première perte

http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=456969&in_page_id=3&position=moretopstories

ING posts first-ever loss


12 November 2008, 9:42am

Dutch banking giant ING today reported the first loss since it was formed in 1991, in what was another dismal day for continental financial services firms.

ING, which got a €10bn (£8.15bn) lifeline from Dutch taxpayers last night, is one of the bigger savings banks in the UK, especially after taking customers from the collapsed Kaupthing and Landsbanki banks last month.

But having taken a ¤1.51bn writedown on the value of toxic debts and shares, it lost ¤478m in the third quarter. It made its announcement as troubled German lender hypo Real Estate posted a ¤3.1bn loss for the quarter, Unicredit of Italy a 54% profits slump and insurer Swiss Life issued a big profit warning after seeing premium income fall.

Hypo wrote off more than €3bn, including a ¤600m wipeout on businesses dealing with Lehman Brothers, Iceland and Babcock & Brown engineering. Hypo was bailed out with a €50bn rescue package from the German government last month.

Today it said it was in talks for further extensive support from Berlin's ¤500bn rescue fund for banks. Commerzbank drew on it last week. More are set to follow. Unicredit said net third-quarter profit was €551m, from €1.2bn a year ago. Chief executive Alessandro Profumo, citing 'dramatic conditions' in banking, plans a €6.6bn capital increase. That will boost its core tier 1 ratio (the key measure of financial strength) to 6.7% from 5.7%.



ING annonce sa toute première perte

12 November 2008, 9:42am 12 Novembre 2008 9:42 am

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