RTTNews | Aug 6, 2020 01:26AM EDT

01:26 Thursday, August 6, 2020 (RTTNews.com) - ING Group (ING) reported that its second-quarter net result dropped 79.2 percent to 299 million euros from 1.44 billion euros in the prior year. Net result per share was 0.08 euros, down from 0.37 euros in the previous year.

The result reflected higher collective provisioning triggered by a worsened macro-economic outlook due to the impact of the Covid-19 pandemic and higher individual Stage 3 provisions, as well as impairments on goodwill.

Result before tax was 542 million euros, down from 2.01 billion euros in the prior year.

Net interest income for the quarter declined to 3.43 billion euros from 3.47 billion euros in the prior year.

Total income was 4.671 billion euros, compared to 4.665 billion euros in the previous year.

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