RTTNews | Jul 28, 2020 01:26AM EDT

01:25 Tuesday, July 28, 2020 (RTTNews.com) - ING said that it expects to book a goodwill impairment of about 300 million euros in its second quarter 2020, due to the impairment test triggered by the Covid-19 pandemic. The goodwill is related to a number of acquisitions in the past.

The company said the impairment followed the negative developments in the macro-economic outlook for the relevant business units in the context of the Covid-19 pandemic. In addition, the applicable discount rate is also affected by the deteriorated economic and risk environment.

ING noted that it will report its full results for the second quarter of 2020 on 6 August 2020. 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.

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