Hi Pat: We have held ING Group for a number of years. It has dropped considerably since we bought it. We are wondering whether we should sell and take the loss or hold on for better days.
ING Group NV (ADR), $8.15, symbol ING on New York (ADRs outstanding: 3.8 billion; Market cap: $30.8 billion), is a Netherlands-based global financial institution that offers banking, insurance and asset management to about 85 million clients in Europe, the U.S., Canada, Latin America, Asia and Australia.
In the first quarter of 2010, ING earned 1.33 billion euros ($1.69 billion U.S., or $0.45 per ADR). A year earlier, it lost 793 million euros. The latest earnings beat the consensus estimate of a profit of 930 million euros. The latest results included 306 million euros of gains on asset sales and special items. A year ago, the company recorded one-time losses of 558 million euros.
Results improved at ING’s banking and insurance operations in the latest quarter. Its banking business gained from higher demand for mortgages and savings accounts, as well as improved profit margins in retail banking. The global economic recovery helped push up revenue, and lowered bad loan charges.
Despite…
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