ING Groep Misses 2Q Net Profit Market Views Amid Higher-than-Expected Impairments
August 06 2020 - 1:48AM
Dow Jones News
By Sabela Ojea
ING Groep NV reported Thursday a lower-than-expected net profit
for the second quarter of the year after booking an impairment
charge of 300 million due to the effects of the coronavirus
pandemic.
On July 28 the Dutch bank said that it expected to book an
impairment charge of 300 million euros ($355.9 million) for the
period. It actually booked a EUR310 million charge.
The lender posted a net profit of EUR299 million for the
quarter, compared with EUR1.44 billion for the same period a year
earlier. This compares with expectations of EUR543.3 million, taken
from FactSet and based on the estimates of three analysts.
Net interest income fell to EUR3.43 billion from EUR3.47 billion
for the year-earlier period. It was expected to fall to EUR3.46
billion, taken from FacSet and based on the estimates of four
analysts.
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--stood at 15% at the end of June from 14.0%, it added.
"I'm confident about ING's strength and resilience in these
challenging times, and I believe that our strategic direction is
the right one to guide us in the future," Chief Executive Steven
van Rijswijk said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
August 06, 2020 01:33 ET (05:33 GMT)
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