ING Belgium reached a profit of one billion euros

ING Belgium, responsible for the activities of the Dutch financial group ING in Belgium furthermore in a couple of other European countries, has finished the year 2009 with a net profit of 1.02 billion euros. That means a growth of 56 percent as opposed to 2008. This year, ING is expecting a stabilization compared to 2009.

The huge profit growth is due to a combination of several factors: good commercial actions, a favourable interest and a balanced cost program. But is this cost program really so well balanced? Reducing costs by saving on your staff or by constantly reducing the loans can barely be labeled as a cost program. I think every company is able to reduce a lot of costs like that.
But of course we're living in a time of financial crisis and lots of companies have no other choice than reducing costs by saving on their staff.
Besides, this year ING has good plans because she wants to recruit 700 extra employees.

The good commercial actions were accompanied by high volumes. The customer deposits increased with four percent, while the number of mortgage loans increased with seven percent.
Insurances on the other hand, didn't score that high. They were affected by lower incomes from investments.

To conclude, I've got a double opinion about this huge profit. It's a pity that they reach such a profit by saving costs by a restructuring. On the other hand I'm glad there is finally a little ray of light in the dark side of the financial world.

http://www.tijd.be/nieuws/ondernemingen_financien/ING_Belgie_boekt_1_miljard_euro_winst.8298986-433.art