Amsterdam - The share value of Dutch financial services group ING rose by 5 per cent per cent Wednesday following the release of third-quarter results that showed a net profit of 499 million euros (680 million dollars). Last year, the group reported a loss of 478 million in the same period and was forced to seek two bail-out packages from the government amid the financial crisis.
Shortly after the Amsterdam stock exchange opened at 9 am (0800 GMT), share value stood at 10.04 euros per share.
ING reported underlying net profit of 778 million euros in the third quarter, compared with 229 million euros in the previous quarter.
ING said 264 million euros its third-quarter profit originated from its banking activities, while remainder could be attributed to its insurance branch.
On October 26, ING announced it would split the corporation into a banking and an insurance business and issue new shares in order to make early repayments on the government bail-out packages.
The group said its Back to Basics programme - aimed at streamlining the corporation and reducing operation costs - was on track.
ING said it had cut 10,239 full-time jobs by the end of September as planned, and reduced operating expenses by 9.3 per cent or 330 million euros since the third quarter of 2008.
"Negative market impacts were less severe than in previous quarters as equity markets improved," CEO Jan Hommen said.
He added however that results "continued to be impacted by impairments on mortgage-backed securities and negative revaluations on real estate investments."
