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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ING Groep NV | NYSE:ING | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.13 | 0.76% | 17.18 | 17.21 | 17.0022 | 17.10 | 4,083,595 | 01:00:00 |
From May 2019 to May 2024
By Pietro Lombardi
ING Groep NV's first-quarter net profit fell sharply as the bank's provisions to cover potential soured loans more-than tripled and revenue slipped.
The Dutch bank added 661 million euros ($714.2 million) to its provisions for bad loans. For the same period last year, the figure was EUR207 million.
The higher provisions were compounded by lower revenue, which led to a 40% decline in quarterly net profit to EUR670 million.
Revenue fell 1.4% to EUR4.51 billion. Net interest income edged up 0.5%, while fees and commissions grew 16%. However, investment income collapsed, falling 86%.
ING's common equity Tier 1 ratio--a key measure of balance sheet strength--was 14.0% at the end of the quarter compared with 14.6% in December.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 08, 2020 01:37 ET (05:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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