ING Canada Reports 2008 Profit Drops 75 Per Cent
January 26th, 2009 at 11:03 am - by admin
The subsidiary of the banking supergiant ING Group, ING Canada says that job cuts at the subsidiary will not be part of the parent company’s staff reductions - an estimated of 7,000 jobs - despite the 75 per cent fall in profits - marking a loss of $64.1 million.:
“In light of the announcement made earlier today by our majority shareholder, ING Group, we have decided to advance the publication of our financial results and balance sheet that confirm our strong financial position. Given the deep and prolonged decline of the Canadian stock market and the level of uncertainty about its recovery, we took a significant impairment on our common equity portfolio. We also continued to reduce the impact of the volatility of the capital markets on our balance sheet,” said CEO of ING Canada, Charles Brindamour.
ING Canada reported profits of $1.05 per share, totaling $128.2 million; ING shares hit $31.22 per share on the TSX at 2 PM. ING Group posted a large loss in the fourth quarter, which will follow this quarter with a reappointment of their CEO and a reduction of 7,000 jobs.
ING Canada still reports a surplus of over $400 million in available capital, running debt free.
