Dutch financial services firm ING has reported a net loss of E3.71 billion, or E1.82 per share, for the fourth quarter of 2008, compared to net income of E2.48 billion, or E1.18 per share, in the same quarter of 2007.
The fourth quarter net loss includes a E292 million loss on the sale of Taiwan Life, a E188 million loss from the nationalization of the pension business and provisioning for annuities in Argentina, E54 million in restructuring costs for the Dutch retail bank and E65 million for the canceled launch of ING Direct Japan.
Underlying net loss for the fourth quarter of 2008 was E3.1 billion, compared to underlying net income of E2.64 billion for the same quarter of 2007.
The company has also reported a net loss of E729 million, or E0.36 per share, for 2008, compared to net income of E9.24 billion, or E4.32 per share, in 2007. Underlying net loss for 2008 was E171 million, compared to underlying net income of E9.21 billion in 2007.
Jan Hommen, chairman of the supervisory board and CEO-designate of ING, said: For ING, 2008 was marked by a sharp deterioration in financial results and the necessity to reinforce our capital base with the support of the Dutch State. ING had started the year focused on growth, and we were overtaken by the pace and severity of the downturn in the fourth quarter that eroded our earnings and our equity.
