AMSTERDAM: ING Groep NV is expected to post its first profit in a year when it reports second-quarter results tomorrow but analysts will be looking ahead to the schedule for the Dutch bancassurer's crucial asset sale programme.Analysts polled by Reuters on average expect a profit of ?275 million after nearly ?5 billion in losses the previous three quarters.
Loan losses are expected to have declined only very slightly to ?776 million.SNS Securities, in a recent note, said ING's markets look to have generally performed well in the second quarter, though not enough to have returned its insurance business to profitability.
"All in all, we expect a modest profit, fuelled by cost reductions and driven by the banking activities," analyst Maarten Altena said in a note late last month.The insurance business which makes up the lion's share of revenue at ING has been a drag on results of late because of heavy losses.
But just last week three large European insurers beat first-half forecasts.The market's attention is also turning to ING's plan to raise up to ?8 billion through asset sales.That "Back to Basics" program, announced in April, has moved relatively slowly so far. - Reuters
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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