ING Groep NV reported Wednesday that the company posted a narrower loss of euro712 million ($980 million) for the fourth quarter, according to Associated Press.
ING's net loss was less than the euro3.71 billion the company lost in the same period a year ago at the height of the financial crisis.
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This quarter's figures included a one-time payment to the Dutch state of euro930 million, a charge that came after the EU Commission said its bailout package from the Dutch government was too generous.
ING made a euro132 million profit at its banking division, mostly due to a highly profitable retail banking business. In addition, provisions against bad loans rose by euro686 million. A year ago the banking division lost euro1.84 billion.
The company has cut 7.9 percent of staff over the past year and now employs 107,173 people.
Under pressure from the EU, ING is planning to split its banking and insurance arms by the end of 2012.
ING lost euro47 million at its insurance division, compared with a euro2.5 billion loss a year ago.
However, ING's fourth quarter insurance loss was much less than the euro311 million profit it made in the third quarter. The company took a euro343 million charge at its annuities business in the U.S. and Japan this quarter.
ING's insurance premium income was down 26 percent, mostly because the company has scaled back selling annuities in the U.S. and Japan.
Included in the fourth quarter insurance results are a euro273 million profit on investments, compared with a loss of euro217 million a year ago.
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