THE HAGUE : Dutch bank ING said Friday it foresaw a 500-million-euro (673-million-dollar) net loss in the third quarter in the face of financial market upheaval and asset depreciation.

"Third quarter results (have been) impacted by market turmoil, with impairments and negative fair-value changes leading to a net loss of approximately 500 million euros in the quarter," the group said in a statement.

ING said its equity and bond portfolio would be depreciated by 1.6 billion euros and its derivatives investment portfolio by 1.5 billion euros.

"Current developments in financial markets are unprecedented," said ING chief executive Michel Tilmant.

"ING's business model is sound and our commercial performance is solid. However, that does not mean that we are immune to the external environment. The crisis is far-reaching, and even the healthiest companies are feeling the negative effects."

- AFP /ls