Dutch banking giant ING on Thursday reported nearly doubling its profit for last year, saying results were buoyed by a recovering world economy learning to live with the coronavirus pandemic.

Amsterdam-based ING posted €4.7 billion in profit for 2021, up 92 per cent from the year before. In 2020, profit slumped to €2.5 billion in the first year of the global COVID-19 pandemic, as strict lockdowns pushed down the demand for loans, while capital had to be placed in reserve for possible loan defaults.

“I’m pleased with our performance,” said ING chief executive Steven van Rijswijk. Despite challenging conditions, including the ongoing pandemic, supply chain pressures and rising energy prices and inflation, “we achieved good results,” he said. “I’m encouraged by increased lending volumes and strong fee income growth in the final quarter of 2021, a sign of growing confidence in the economy as the world seeks ways to live with the coronavirus,” Van Rijswijk said.

ING posted a 30 per cent jump in year-on-year profit for the fourth quarter of last year, from €727 million to €945 million.“Although COVID-19 has had a negative impact on the global economy, defaults in our portfolio have been limited,” ING added in a statement.

Despite booking good figures, ING made some cuts, deciding to exit the retail banking market in France following a strategic review in June, Van Rijswijk said. “This follows earlier decisions to exit the retail banking markets of Austria and the Czech Republic, after we determined that reaching the required local scale within a reasonable timeframe was unlikely,” he said. ING did not say how many jobs would be affected.

Despite booking good figures, ING made some cuts, deciding to exit the retail banking market in France following a strategic review in June. “This follows earlier decisions to exit the retail banking markets of Austria and the Czech Republic”- ING chief executive Steven van Rijswijk

Looking ahead, Van Rijswijk said ING was “well prepared to navigate the current operating environment, with solid capital buffers, a strong risk profile and a focus on execution.”

The banker said it was offering a €0.41 per share dividend to shareholders for 2021.

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