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Updated Friday, August 5, 2011 10:59 pm TWN, AP

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ING Groep NV says net profit up 24% in Q2 on back of recovery

AMSTERDAM -- Financial firm ING Groep NV reported a 24 percent rise in second quarter earnings Thursday largely on the back of a strong recovery at the insurance operations it intends to sell or spin off. The company said net profit was 1.51 billion euros (US$2.16 billion) against 1.21 billion euros in the same period a year ago.

The rise came despite 310 million euros in charges for impairments on Greek bonds following the decision last month to get the private sector to share some of the pain of a second bailout of the country — ING's banking division bore the brunt of the Greek exposure, taking a 187 million-euro charge, while the cost to the insurance arm was 123 million euros.

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