ING: Further Increase in Cost of Risk and Goodwill Impairment Affect Q2 Results
ING Groep N.V. (ING or the Group) reported a decrease in net profit of 55% QoQ and 79% YoY to EUR 299 million in Q2 2020. Revenues remained resilient, however loan loss provisions increased further in the quarter, reflecting both the deterioration in the economic conditions due to the COVID-19 pandemic but also a sizeable provision for a suspected external fraud case. The Group's ROE (IFRS-EU shareholders'equity) was a low 2.3% in Q2 2020, compared to 5.1% in Q1 2020 and 11.4% in Q2 2019.
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