ING books first quarter profit of €1bn, due in part to lower risk costs May 6, 2021
Financial services group ING booked net profit of €1bn in the first three months of year, a rise of 50% on 2020.
‘The sharp rebound in net profit compared to the year-earlier period was driven by a good increase in fee income and lower risk costs,’ ING chief executive Steven van Rijswijk said in a statement.
This is partly down to government support for companies affected by the pandemic, which means ING had fewer bad debts to write off. Bankruptcies have also been limited.
Government support is set to be phased out as society reopens and ‘on risk costs, we remain cautious and are taking into account expected delays in credit losses,’ Van Rijswijk said.
Fewer bad loans, ECB windfall boost Dutch bank ING
05/06/2021 | 02:40am EDT
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AMSTERDAM (Reuters) -ING Groep NV, the largest Dutch bank, reported better-than-expected first quarter net profit of 1.01 billion euros ($1.2 billion) on Thursday on strong fee income and fewer bad loan provisions than a year earlier.
However, Chief Executive Steven van Rijswijk said that with much of Europe only now emerging from lockdowns, the COVID-19 pandemic was still the main threat to customers prospects. We remain cautious and are taking into account expected delays in credit losses, Van Rijswijk said.
But with savers facing near-zero interest rates, many customers have turned to investing as an alternative for saving, which for us resulted in growth in investment products, he said on a call with reporters.
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