ING says virus hit profit hard in Q2 2020

Top Dutch bank ING on Thursday, August 6, reported a 79% plunge in net profit for the 2nd quarter, saying it has been hard hit by the impact of the coronavirus pandemic.

Net profit stood at 299 million euros ($355 million) as opposed to 1.4 billion during the same period in 2019, while revenue rose slightly to nearly 4.7 billion euros.

"The COVID-19 pandemic continued in the 2nd quarter to strongly impact the economies where we operate and how we conducted our own business," ING's chief executive Steven van Rijswijk said.

Van Rijswijk, who replaced Ralph Hamers last month at the helm of the Amsterdam-based ING, said however he was confident about the bank's "strength and resilience in these challenging times."

ING has announced that it has added 1.3 billion euros to its provisions to cover possible loan defaults. 

The bank, which employs around 53,000 people in more than 40 countries, suspended dividend payments at the end of March until at least October 1. –