ING saw profits halved in 2020

Dutch bank ING made about half less profit during the coronavirus crisis year than it did the year before. The bank ended 2020 with just under 2.5 billion euros in profit, compared to almost 4.8 billion in 2019, ANP reports.

According to ING, the coronavirus pandemic and the strict lockdown measures depressed the demand for loans, both from consumers and companies. A lot of money also had to be set aside for loans that may never be repaid.

Despite this, ING CEO Steven van Rijswijk is satisfied with the results. The bank gained more customers worldwide and continued to see a "healthy demand" for mortgages, he said. ING also benefited from increased investor activity, which generated additional income. The low interest rates prompted many people to rather invest than put their money in a savings account.

A few months ago, ING announced it was cutting a thousand jobs at the investment bank and activities for consumers abroad, due to the disappointing economic climate. Exactly where these job losses will fall is not yet clear. ING is still discussing this with the works council, Van Rijkswijk said.