ING: Q1 EPS above expectations
(CercleFinance.com) - ING Group has reported a 40% drop in net profit to 670 million euros for the first quarter of 2020, or 0.
17 euro per share. Even so, this exceeded the consensus by two cents.
Pre-tax profit fell by 35.7% to 1.02 billion euros, which "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".
The Dutch bank also reported net new customer deposits of 9.2 billion euros, as well as a return on equity (ROE) of 8.4% and a CET1 solvency ratio of 14%.
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