ING posts 1Q2020 net result of €670 million
"The Covid-19 pandemic is profoundly affecting society and the economy throughout the world, and it will continue to do so for some time,” said Ralph Hamers, CEO of ING Group.
"As a globally operating bank, ING is affected in a number of ways, including through the impact the pandemic has on our customers, employees and the communities where we operate."
ING actively supporting customers, employees and society during Covid-19 pandemic
- With most staff working from home, ING is actively supporting customers, employees and communities and engaging with governments and regulators to support recovery
- Net core lending increased by €12.3 billion in 1Q2020, largely reflecting liquidity provided in late March; net customer deposit inflow amounted to €9.2 billion
ING 1Q2020 result before tax of €1,017 million, 35.7% lower than in 1Q2019
- Result reflects higher risk costs and negative valuation adjustments as a result of market volatility and the expected future economic impact of the Covid-19 pandemic
- Net interest income remained resilient; net fee and commission income increased on higher brokerage trades
- Four-quarter rolling ROE was 8.4% and CET1 ratio stood at 14.0%, reflecting impacts on capital caused by volatility at the end of March and includes the impact of the new Definition of Default on RWA