ING Doesn't Expect to Make Interim Dividend Payment From 2020 Earnings
March 30 2020 - 2:10AM
Dow Jones News
By Ian Walker
ING Groep NV said Monday that it won't pay an interim dividend
from its 2020 earnings and will review any further dividend
payments after Oct. 1.
The Dutch bank said its decision follows recommendations from
the European Central Bank on Friday. The ECB has asked banks to
suspend dividend payments through October to preserve lending
capacity during the coronavirus crisis, a call that comes about two
weeks after a group of eight big U.S. banks suspended their own
stock buybacks to conserve capital.
The ECB, in a statement Friday, said the recommendation
"concerns dividends for 2019 and 2020, at least until" October of
this year. It said its recommendation to forgo dividends was "to
boost banks' capacity to absorb losses and support lending to
households, small business and corporates" during the pandemic.
"While we are well capitalized and funded, and strive to provide
our shareholders an attractive return, we think it is prudent to
follow the ECB's recommendations for all European banks regarding
dividend payments, enabling us even greater flexibility to support
our customers and society in this crisis and work together with
governments and regulators towards a recovery," ING Chief Executive
Ralph Hamers said.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
March 30, 2020 01:55 ET (05:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
ING Groep NV (EU:INGA)
Historical Stock Chart
From Aug 2024 to Sep 2024
ING Groep NV (EU:INGA)
Historical Stock Chart
From Sep 2023 to Sep 2024