ING reports surprise increase in profits

ING Group reported operational net profit up by 16% in the first half of this year to €2.40bn. Of this, insurance contributed €1.46mn, up 28.4%, while banking activities contributed €0.94 bn, up 0.9%. Nevertheless, it was the latter that provided the pleasant surprise; analysts had been expecting a downturn in banking profits, believing that part of the group unable to match the good performance of the first half of 2000.