Dutch financial services major ING today reported a net loss of 712 million euros

RELATED ARTICLES Fortis Healthcare Q3 net profit dips to Rs 29.26 cr DBS Q4 profit up 8%, posts record annual profit Ind-Swift Labs Q3 PAT up 15.52% at Rs 28.44 cr Vodafone Q3 results slightly below forecasts Cisco Q3 revenue outlook strong after Q2 beat

(USD 980.4 million) in the October to December quarter of 2009 after repaying a part of the bailout fund to the state government.

In the year-ago period, the company had a net loss of 3.71 billion euros, ING said in a statement.

"Although asset impairments and revaluations continued to have a substantial impact on ING's results, market conditions improved gradually through the course of 2009, and the negative impact of market volatility was substantially lower in the fourth quarter than a year ago," ING Group CEO Jan Hommen said.

ING's fourth quarter result includes a repayment of 930 million euros to the Dutch government.

The company said its loss includes "930 million euros related to an accrual of additional future payments to the Dutch State for the Alt-A facility."

In December, ING had said it would repay five billion euros this month.

ING has reportedly received about 10 billion euros from the government at the height of financial crisis in 2008.

ING's banking businesses posted an underlying profit before tax of 132 million euros in the fourth quarter of 2009 compared to a loss of 1.84 billion euros in the same quarter last fiscal. The profit was mainly on account of good performance from retail and commercial banking segments.