Dutch financial services group ING today posted a 16 per cent rise in first-half operating net profit, at the top end of the forecast range, as stronger results from insurance operations countered banking weakness.
ING, the world's eighth-biggest financial group with a market capitalisation of $64 billion, also said it expected at least 17 per cent growth in operational EPS for the full year, assuming no further deterioration of economic conditions or financial markets worldwide.
ING's insurance business largely insulated it from weak equity markets and a poor global initial public offering (IPO) and merger environment that have hit pure banking groups.
Net profit from insurance operations rose 28.4 per cent to euro 1.463 billion, boosted by acquisitions. Net profit from banking operations was a slight 0.9 per cent higher at euro 940 million.