ING almost doubles profit in second corona year

Photo: ANP

ING almost doubled its profit last year. As a result, almost as much profit went into the books as in 2019, the last year before the corona crisis. The financial group has recently benefited greatly from the recovering economy.

Below the line, the bank was left with a profit of just under 4.8 billion euros. That was still about 2.5 billion euros in the first corona year. At that time, the pandemic and the strict lockdown measures still strongly depressed the demand for loans. At the time, a lot of money also had to be set aside for loans that might never be repaid.

That things are going much better for ING could already be seen in the bank’s quarterly reports in the course of last year. The results have also improved considerably in the last three months of the year. At that time, ING made a profit of 945 million euros, 30 percent more than in the same period in 2020.

CEO Steven van Rijswijk says in a statement that more loans are being provided again. The bank also saw strong growth in commission income in the last quarter. That is a sign of growing confidence in the economy, he said. With a view to the future, he thinks the bank is in good shape. For example, the capital buffer has also been increased.

ING almost doubles profit in second corona year
Source link ING almost doubles profit in second corona year

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