UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
July 2020
Commission File Number: 001-14642
ING Groep N.V.
(Translation of registrant's name into English)
Bijlmerplein 888
1102 MG Amsterdam
The Netherlands
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
On July 28, 2020, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated July 28, 2020
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ING Groep N.V. | ||
(Registrant) | ||
Date: July 28, 2020 | /s/ Raymond Vermeulen | |
Raymond Vermeulen | ||
Head of Media Relations | ||
EXHIBIT 99.1
ING to book goodwill impairment in second quarter
ING to book goodwill impairment in second quarter
ING announced today that as a result of the impairment test triggered by the Covid-19 pandemic, it expects to book approximately €300 million as an impairment on the goodwill on its balance sheet in its second quarter 2020 results. The goodwill is related to a number of acquisitions in the past.
In accordance with accounting standard IAS 36, the impairment announced today follows 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.
The goodwill impairment is estimated to be approximately €300 million, to be recorded under operating expenses in ING’s second quarter profit & loss statement. The accounting adjustment does not involve any cash outflow and will not impact ING’s capital ratios, as goodwill is already deducted from regulatory capital.
ING will report its full results for the second quarter of 2020 on 6 August 2020. 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.
Note for editors
For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news Twitter feed. Photos of ING operations, buildings and its executives are available for download at Flickr. ING presentations are available at SlideShare.
Attachment