INGA ING Groep NV

By Sabela Ojea

ING Groep NV reported Thursday a lower-than-expected net profit for the second quarter of the year after booking an impairment charge of 300 million due to the effects of the coronavirus pandemic.

On July 28 the Dutch bank said that it expected to book an impairment charge of 300 million euros ($355.9 million) for the period. It actually booked a EUR310 million charge.

The lender posted a net profit of EUR299 million for the quarter, compared with EUR1.44 billion for the same period a year earlier. This compares with expectations of EUR543.3 million, taken from FactSet and based on the estimates of three analysts.

Net interest income fell to EUR3.43 billion from EUR3.47 billion for the year-earlier period. It was expected to fall to EUR3.46 billion, taken from FacSet and based on the estimates of four analysts.

ING's common equity Tier 1 ratio--a key measure of balance sheet strength--stood at 15% at the end of June from 14.0%, it added.

"I'm confident about ING's strength and resilience in these challenging times, and I believe that our strategic direction is the right one to guide us in the future," Chief Executive Steven van Rijswijk said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

August 06, 2020 01:33 ET (05:33 GMT)

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