ING Group, the parent of ING Direct, released its Q3 results. According to the Wall Street Journal:
[ING Group] reported surprise 26% drop in third-quarter net profit and said Wednesday it is preparing to sell off its global insurance arm through two initial public offerings.
For details of ING Direct, you have to review the quarterly reports and presentations at ING Group's Quarterly results page
. Here's an excerpt from the Q3 earnings report:
ING Direct’s underlying results before tax improved to EUR 412 million from a loss of EUR 358 million in the third quarter of last year and a profit of EUR 406 million in the previous quarter. This strong improvement was mainly the result of lower impairments on the US investment portfolio, a higher interest result and lower additions to the loan loss provision.
The Q3 presentation shows that ING Direct's interest rate margin continues to increase (from 116 bps in Q309 to 127 bps in Q310). I interpret this as a deposit rates going down more than loan rates.
There was no mention of the divestiture plans of ING Direct USA. Last year ING announced it would be divesting ING Direct USA
in 2013 as required by a settlement with the European Union.