Dutch lender ING’s 2020 net profit slumps 48pc on virus hit

THE HAGUE (AFP) – Top Dutch bank ING yesterday said its 2020 net profit plummeted 48 per cent to EUR2.45 billion (nearly USD3 billion) due to the effects of the coronavirus pandemic.

“The effects of the COVID-19 pandemic and lockdowns were visible in a softening of lending demand, which affected net core lending, and in an increase in net customer deposits,” it said in a statement. Total income slipped 3.7 per cent from 2019 to EUR17.7 billion. For the fourth quarter alone, net profit was down 18 per cent at EUR727 million.

“I’m proud of ING’s resilient results over 2020 and that more people continued to choose us as their primary bank, even as the year was defined by the unprecedented challenges of COVID-19,” CEO Steven van Rijswijk said in the statement.

ING’s global customer base jumped 578,000 in 2020 to 13.9 million.