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)

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