ING’s leasing and factoring division saw pre-tax profit fall to
€12 million in the third quarter, a 61 percent decrease compared
with the €31 million reported for the same period last year.

The decrease, said ING, was largely attributable to higher loan
loss provisions, particularly in the general lease activities in
Germany and the UK. New business volumes also declined due to weak
economic conditions, the Dutch bank added.

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Indeed, income was down 4 percent year-on-year, from €101
million in Q3 2008 to €97 million in Q3 2009, due to “accelerated
depreciations on the operational car lease fleet”, which reflected
the deteriorating market for used vehicles.

Meanwhile, operating expenses fell by 15.5 percent year-on-year,
remaining on the same level as the second quarter of 2009.

Jason T Hesse

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