ING: to book impairment charge in second quarter

(CercleFinance.com) - In the wake of the Covid-19 pandemic, ING on Tuesday announced a 300 million euro second-quarter charge after booking goodwill impairments relating to a number of acquisitions made in the past.


The Dutch banking group said the impairment follows the negative developments in the macro-economic outlook for these business units due to the coronavirus crisis.

ING said that it will report its second-quarter earnings on 6 August, warning that the pandemic will result in risk provisions that are significantly above average, which is expected to impact its quarterly net profit.

ING's shares were down slightly (-0.5%) on Euronext Amsterdam after this announcement.

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