6 years after the financial crisis, ING ready to pay back last of Dutch state support

AMSTERDAM – Six years after the onset of the financial crisis, ING Group NV says it is ready to repay the Dutch state the last of a 10 billion-euro ($13 billion) bailout.

European Union authorities ordered the bank and insurer split to compensate for the competitive advantage of having a taxpayer-funded backstop in 2008. ING Group now comprises ING Bank NV, and its former insurance arm NN Group, which is held as a discontinued operation.

ING reported “underlying” third-quarter profits of 1.12 billion euros Wednesday, up from 820 million euros in the same period a year ago. The figure strips out one-time charges and NN Group results. NN operating profit was up 16 per cent to 274 million euros.

ING Group CEO Ralph Hamers thanked its customers and the state for their support.