ING Posts First Loss, May Have Additional Writedowns - by Martijn van der Starre
ING Groep NV, the financial-services firm that got a 10 billion-euro ($12.6 billion) lifeline from the Netherlands last month, said writedowns amounted to 1.51 billion euros in the third quarter and may extend through year end. The loss for the quarter ended Sept. 30, the first since the company was created in 1991, was 478 million euros, or 22 cents a share, it said today in a statement. That was less than the 500 million-euro loss it forecast last month and compared with net income of 2.31 billion euros, or 1.08 euros, in the year-earlier period. ING rose as much as 3.8 percent in Amsterdam trading.
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