ING posts 2Q2020 net result of €299 million

To overview

“The Covid-19 pandemic continued in the second quarter to strongly impact the economies where we operate and how we conducted our own business,” said Steven van Rijswijk, CEO of ING Group. “Against this backdrop we saw continued strong net interest income. Fee income from brokerage services in our German retail operation was higher, and in Wholesale Banking income was up due to increased client demand for Financial Markets services. We maintained good operational cost control and primary customer relationships grew, demonstrating the strength of our digital business model, which enhances customer experience and supports a better cost infrastructure. This led to a resilient pre-provision result. The impact of Covid-19 was reflected in the higher risk provisioning and goodwill impairments we booked in the second quarter. We remain strongly capitalised with a CET1 ratio of 15%."

  • ING actively supporting customers, employees and society during Covid-19 pandemic
    • With most staff still working from home, ING is actively supporting customers, employees and communities and continues to engage with governments and regulators to support recovery
    • Our digital model enabled continued growth in primary customers by 156,000
       
  • ING 2Q2020 result before tax of €542 million
    • Net interest income and fee income remained resilient; income furthermore supported by positive valuation adjustments. Continued good operational cost control
    • CET1 ratio improved to 15.0%, reflecting higher capital and a decline in RWA, including capital management actions and lower lending volumes. Four-quarter rolling ROE was 6.1%
    • Result reflects higher collective provisioning triggered by a worsened macro-economic outlook due to the impact of the Covid-19 pandemic and higher individual Stage 3 provisions, as well as impairments on goodwill

Read the full article on ing.com