ING takes €1.6bn capital hit on Russia exposures
Bank adds €834 million of provisions and takes €9 billion of new credit RWAs
Souring Russia exposures and associated provisioning cost ING Bank almost €1.6 billion ($1.7 billion) in the first quarter – among the heftiest bills yet for European banks ensnared by the consequences of Moscow’s invasion of Ukraine.
The Dutch lender set aside €834 million of provisions against Russia-related exposures during the quarter. These mostly accrued to stage-two loans – those whose default risk has increased since origination under IFRS 9 accounting standards – with €466 million
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