ING to book impairment of 300m euros on coronavirus impact

[AMSTERDAM] ING Groep will report a 300 million euro (S$485.4 million) writedown for the second quarter related to a number of past acquisitions.

A goodwill impairment was triggered by the coronavirus pandemic, the Dutch bank said in a statement on Tuesday. The Amsterdam-based lender, which is due to report results on Aug 6, didn't identify the acquisitions affected.

"As indicated earlier, the economic impact of the Covid-19 pandemic and the impact of IFRS-9 methodology will result in risk costs significantly above the through-the-cycle average, which will impact ING's net profit for the quarter," ING said.

The goodwill impairment will be reported under operating expenses and won't impact the company's capital ratios, ING said.

BLOOMBERG