ING ended 2011 with a net profit of nearly 5.8 billion euros (7.6 billion U.S. dollars) despite a slowdown in the fourth quarter, compared to 2.8 billion euros in 2010, the Dutch bank announced on Thursday.

"The economic environment became more challenging in the fourth quarter of 2011," ING Group CEO Jan Hommen said in a press release.

He noted the financial crisis had spread further into the real economy, and uncertainty around the European sovereign debt crisis continued to erode confidence and amplify market volatility.

Partly due to 133 million euros worth of losses on Greek government bonds, the bank's pre-tax earnings were 793 million euros in the fourth quarter, half as much as its profits in Q4 the year before.

ING's insurance products made a pre-tax loss of 1.35 billion in Q4 last year, compared to a loss of 873 million in the same period a year earlier. This has been attributed largely to stricter insurance regulations in the United States.

Analysts are doubtful if ING can repay the Dutch state 3 billion euros plus a fine of 1.5 billion euros by May this year. During the banking crisis in 2008, ING received funds to the tune of 10 billion euros from the Dutch state.

"Given the uncertain financial environment, increasing regulatory requirements and ING's priority to repay the Dutch state, the executive board will not propose to pay a dividend over 2011 at the annual general meeting in May 2012," ING said in a statement.