The Dutch insurance banking group Ing has closed the second quarter with a net profit down by 22,3% to 1,17 billion euro, a worse result than the 1,23 billion that analysts have estimated. The bank-insurance company has announced that it has reduced its exposure to Spanish sovereign debt.
The group result was negative by 178 million following the sale of risk assets, mainly Spanish bonds for 2,1 billion. The Dutch company also indicated that it improved its solvency rate ('core tier 1') to 11,1% from 10,9%.
