ING Cuts Earnings Target from 17% Growth to 5%

October 15, 2001

ING, the Netherlands biggest insurance and financial services group, announced that it was cutting its full year operational net profit growth forecast from a 17 percent increase to just 5 percent.

The company cited the downturn in the world economy in general and the terrorist attacks on the U.S. in particular as the reasons behind the move. Shares in the company fell almost 10 percent following the announcement.

ING also raised its estimates of bottom line losses it expects to incur as a result of the attacks to €100 million ($91.5 million) after tax.

Was this article valuable?

Here are more articles you may enjoy.