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rdf:type	schema:NewsArticle
schema:articleBody	The Dutch banking giant ING on Friday posted a 40 percent drop in first-quarter net profit as a result of market volatility over the coronavirus pandemic. Its results were nonetheless better than anticipated and chief executive Ralph Hamers emphasised that the bank had a strong foundation, though it would follow an ECB recommendation to suspend dividend payments until at least October 1. ING's net profit fell by 40.1 percent in the first three months of the year to 670 million euros ($724 million), from 1.1 billion in the same period a year earlier, a statement said. That was "a result of market volatility and the expected future economic impact of the COVID-19 pandemic," it added, as it booked 661 million euros in provisions to cover potential loan defaults in the coming months. Analysts had on average expected the net result to come in even lower, at around 411 million euros, according to Dutch media cited by the Bloomberg news agency. "As a globally operating bank, ING is affected in a number of ways," Hamers explained. The bank "substantially increased loan loss provisioning, including provisioning for the impact of the deteriorating macro-economic environment," he said. Total income slipped just 1.4 percent meanwhile to 4.5 billion euros, the statement added. The overall result "was broadly in line with the year-earlier period, and we showed stable net interest income and strong improvement in fee income," the CEO said. "Given the uncertainty in the current environment we will need to look closely at our cost base to ensure that our expenses optimally support our strategic priorities," Hamers noted. "At the same time, ING is well capitalised and has a very stable funding base," he said. ING has a staff of around 53,000 and is present in more than 40 countries. smt/wai/lc
schema:headline	Dutch bank ING posts steep plunge in Q1 net profit
schema:mentions	Variance European Central Bank Dividend Bloomberg L.P. Netherlands Chief executive officer Pandemic Coronavirus disease 2019 Net interest income Ralph Hamers
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-08 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	70 (xsd:integer)

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