ING Q1 Net Result Down - Quick Facts

(RTTNews) - ING reported that its first-quarter 2020 net result declined to 670 million euros, from 1.12 billion euros in the first quarter of 2019. The decline in net result was primarily due to higher risk costs and negative valuation adjustments caused by the market volatility and expected future economic impact of the Covid-19 pandemic, partly off set by higher fee income.

Quarterly result before tax fell 35.7% to 1.02 billion euros from the prior year, mainly due to a strong increase in risk costs.

But net interest income rose to 3.50 billion euros 3.48 billion euros in the year-ago quarter, despite continued pressure from the low interest environment.

Total income decreased by 65 million euros or 1.4% to 4.51 billion euros from the previous year. The decline primarily reflected lower income in the Corporate Line, which included a 119 million euros one-off gain from the release of a currency translation reserve in the first quarter of 2019.

The company has suspended dividend payments until at least 1 October.