ING Groep 2Q Net Profit Missed Views Due to Higher Impairments -- Earnings Review
August 06 2020 - 6:16AM
Dow Jones News
By Sabela Ojea
ING Groep NV reported its results for the second quarter on
Thursday. Here's what you need to know:
NET PROFIT FORECAST: The Dutch bank posted a net profit of 299
million euros ($354.7 million) for the second quarter of 2020, down
from EUR1.44 billion in the year-earlier period. Net profit was
anticipated to fall to EUR543.3 million, taken from FactSet and
based on the estimates of three analysts.
NET INTEREST INCOME FORECAST: The lender reported a net interest
income of EUR3.43 billion, down from EUR3.47 billion a year
earlier. Net interest income was expected to fall to EUR3.46
billion, taken from FactSet and based on four analysts'
estimates.
WHAT WE WATCHED:
-IMPAIRMENTS: The bank on July 28 said it expected to book
around EUR300 million as an impairment on its balance sheet in the
second quarter of the year. It actually booked a charge of EUR310
million.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
August 06, 2020 06:01 ET (10:01 GMT)
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