ING Group, the Dutch financial services provider, matched its performance in 2001 when it reported operational net profits of €4.3bn ($4.7bn) in 2002 despite suffering a 32% fall in banking profits before tax.

Pre-tax profits from wholesale and retail banking fell to €1.5bn from €2.2bn in 2001, while net banking profits fell by 38% to €895m from €1.4bn a year ago following a 91% rise in loan loss provisions for the year to €1.4bn. Earnings from banking rose by €90m to €11.2bn for the year despite a slight drop in fee income.