ING Groep first-quarter profit plunges nearly 36%
The bank warned that that the impact of the pandemic in most markets started by mid-March
Stocks impacted: ING Groep (INGA)
The largest Dutch bank reported first-quarter pretax earnings of 1.02 billion euros ($1.11 billion), down 35.7% from last year, citing higher provisions taken for the potential fallout from the coronavirus pandemic. However, the result came higher than expected. The lender added 661 million euros ($714.2 million) to its provisions for bad loans. The higher provisions were compounded by lower revenue, which led to a 40% decline in quarterly net profit to 670 million euros. Revenue fell 1.4% to 4.51 billion euros. Net interest income rose 0.5%, while fees and commissions increased by 16%. The company’s net interest margin dipped to 1.51% from 1.57% a quarter earlier.
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