ING Group has reported an underlying net profit of €2.603 billion (around $3.511 billion) for 2012. This is down by 5.2 per cent on 2011.

"2012 was a transformational year for ING as we worked decisively on the restructuring of the group, preparing the bank and insurance companies for independent futures," Jan Hommen, chief executive of ING Group, said in a statement.

During the year the group reduced its workforce from 130,000 to 85,000 by a combination of divestments and restructuring. Further job losses are scheduled, with around 2,400 positions in retail banking in the Netherlands and Belgium due to go by 2015.