ING sees profits soar in 2021 as savers are hit with high inflation

ING sees profits soar in 2021 as savers are hit with high inflation
The bank has seen profits soar, particularly its investment portfolio. Credit: Belga

On Thursday, the Dutch international bank ING posted a pre-tax profit in Belgium in 2021 that was four times higher than 2020. The news coincides with high inflation rates and minimal returns from interest.

As millions of savers endure negative returns brought by low interest and high inflation, the bank said revenues rose 7% to over €3 billion with investment income driving profit before tax to €948 million.

The bank issued €16.7 billion in loans last year Chief financial officer Hans De Munck said that a 20% increase in commission income helped “compensate for the decrease in interest income.”

People saving in Belgium collectively lost some €22 billion last year as a result of high inflation rates which sharply reduced the real value of balances on savings and current accounts.


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