ING posts 4Q2020 net result of €727 million

“Throughout the pandemic, we’ve been talking to thousands of customers a week and have granted €19.4 billion in payment holidays. We’ve been making sure employees are supported technically, physically and mentally to work from home, and we continued providing community support by making donations and funding social projects. In addition to providing payment relief, we’re also working to support the economy where needed. For example, we joined the European Investment Bank to lend nearly €800 million on favorable terms to Dutch small and medium-sized enterprises that are affected by the economic impact of Covid-19."

A growing number of customers choose ING as their primary bank

  • Primary customer base rose by 578,000 in FY2020 to 13.9 million; total retail customer base reached 39.3 million.
  • 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. Net core lending fell by €0.9 billion in 4Q2020 and by €2.5 billion in 2020; net customer deposits grew by €7.8 billion in 4Q2020 and by €41.4 billion in 2020.

4Q2020 result before tax of €1,046 million; full-year 2020 result before tax of €3,809 million

  • Our capital position strengthened further to 15.5%. In alignment with the ECB recommendation on distribution, we propose to pay a cash dividend of €0.12 per share as interim after 4Q2020 results with intended further distributions after 30 September 2021 subject to prevailing ECB recommendations.

Read the full article on ing.com