ING Direct (continued)
Country developments
Excluding impairments, ING Direct's underlying result before tax rose 37.0% to EUR 766 million. In the US, result before tax increased to EUR 343 million from EUR 78 million in 2007, while Canada rose to EUR 59 million from EUR 30 million. The UK made good progress by reducing its loss to EUR 72 million from a EUR 120 million loss in 2007. All other countries reported lower results due to the intensified competition for retail funds and an increase in risk costs.
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