BIG DROP: ING Groep NV reported a 23 percent fall in second quarter earnings as its banking operations were hurt by higher bad loan provisions and losses in Spain.

SPANISH SALE: ING reduced its exposure to Spain by selling off Spanish bonds at a loss. The company said its Spanish portfolio will continue to shrink as mortgage-linked products age.

NO DIVIDEND: ING will not pay a dividend until it has repaid the Dutch state a remaining €3 billion ($3.7 billion) it owes after being bailed out during the 2008 financial crisis.