ING 1Q Profit Plunged as Bad Loans Provisions Tripled
May 08 2020 - 1:52AM
Dow Jones News
By Pietro Lombardi
ING Groep NV's first-quarter net profit fell sharply as the
bank's provisions to cover potential soured loans more-than tripled
and revenue slipped.
The Dutch bank added 661 million euros ($714.2 million) to its
provisions for bad loans. For the same period last year, the figure
was EUR207 million.
The higher provisions were compounded by lower revenue, which
led to a 40% decline in quarterly net profit to EUR670 million.
Revenue fell 1.4% to EUR4.51 billion. Net interest income edged
up 0.5%, while fees and commissions grew 16%. However, investment
income collapsed, falling 86%.
ING's common equity Tier 1 ratio--a key measure of balance sheet
strength--was 14.0% at the end of the quarter compared with 14.6%
in December.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 08, 2020 01:37 ET (05:37 GMT)
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