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This morning, ING (NYSE: ING) announced that its quarterly profit dropped as a result of falling property prices and bad-debt charges. The banking group's profit fell to $100.2 million in the latest quarter. Excluding charges, the company's profit dropped to 229 million euros, which was far short of the expected profit of 388 million euros. The value of the company's real-estate holdings slipped 584 million euros due to falling prices across the globe. ING also incurred 825 million euros of provisions in order to cover customers who may not have been able to repay their loans. These provisions were higher than the 234 million euros set aside during the same quarter a year ago. The real estate charges were far greater than expected, while the loan-impairment charges met expectations.
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