ING to Book Impairment of $350 Million on Coronavirus Impact
- ING expects significant increase in risk costs to hit profit
- Dutch lender scheduled to report second-quarter results Aug. 6
The ING Groep NV lion logo sits on display at the bank's headquarters in Amsterdam.
Photographer: Geert Vanden Wijngaert/BloombergThis article is for subscribers only.
ING Groep NV issued a surprise profit warning, saying the Covid-19 crisis triggered a 300 million-euro ($352 million) writedown in the second quarter related to past acquisitions.
A goodwill impairment will be reported under operating expenses and won’t impact the company’s capital ratios, the Amsterdam-based bank said in a statement on Tuesday. ING, which is due to report results on Aug. 6, didn’t identify the acquisitions affected.