ING: Q2 net income divided by five
(CercleFinance.com) - ING Group has reported net profit that is down 79% to 299 million euros for the second quarter of 2020, or 0.
08 euro per share, a few cents below the consensus.
Pre-tax profit plunged 73% to 542 million euros, reflecting higher collective provisions, notably as a result of a deterioration in the macroeconomic outlook due to the impact of the Covid-19 pandemic.
The Dutch bank nevertheless points to a 15% improvement in its CET1 ratio, reflecting "higher capital and a decline in RWA, including capital management actions and lower lending volumes".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
08 euro per share, a few cents below the consensus.
Pre-tax profit plunged 73% to 542 million euros, reflecting higher collective provisions, notably as a result of a deterioration in the macroeconomic outlook due to the impact of the Covid-19 pandemic.
The Dutch bank nevertheless points to a 15% improvement in its CET1 ratio, reflecting "higher capital and a decline in RWA, including capital management actions and lower lending volumes".
Copyright (c) 2020 CercleFinance.com. All rights reserved.