ING quarterly result misses

Dutch bank and insurer ING today reported lower-than-expected second-quarter results, partly hit by provisions for loan losses.

It also said it was on track to sell its Asian insurance business and was preparing to list its European insurance unit.

"As the Eurozone crisis deteriorated, we accelerated our efforts to de-risk the investment portfolio at the bank, and brought down our Spanish exposure to reduce the funding mismatch in that country," Jan Hommen, chief executive, said in a statement.

"The sales process for our insurance and investment management businesses in Asia is on track. For Insurance Europe, we are stepping up our efforts as we prepare for the base case of an IPO."

Net profit fell 22.3 per cent to €1.17bn (£900m). Underlying pre-tax profit for banking operations fell 13.1 per cent to €995m, while ING's insurance business reported a 51.5 per cent fall to €229m.