ING Profits Plunge Almost 80% on Virus-induced Loan Defaults

ING, the Netherlands’ largest bank, has become the latest major European lender to report a rising impact from coronavirus-induced loan defaults, driving its second-quarter profits down 79 per cent, the Financial Times reported. The Amsterdam-based lender, which runs retail banks in more than a dozen countries, set aside an additional €1.3bn to deal with expected future defaults, following on from a €661m provision in the first quarter. The figure was higher than consensus analyst forecasts of €1.1bn, though some had been braced for an even larger charge after a cautious update last week ahead of the results. ING warned last week that it would take a more than €300m writedown on goodwill linked to previous acquisitions, echoing a similar move by fellow multinational bank Santander. Read more