ING Luxembourg posts best annual results, with €120m profit
The Luxembourg subsidiary of ING recorded its best-ever annual results last year, increasing net profits by a third to €120 million, the bank said on Friday, joining its industry competitors who also posted substantial profit surges in 2021.
The result was a marked improvement on ING Luxembourg's 2020 performance, when the bank registered a drop of 22% in profits compared to the previous year.
“Despite the challenging conditions impacting customers, colleagues and society - from the ongoing pandemic to supply-chain pressures, rising energy prices and inflation - we achieved record financial results," ING CEO Colette Dierick said in a statement.
The bank's Luxembourg unit recorded record revenues of €338 million, a 13% increase compared to 2020, on which it paid €41 million to the taxman, ING said. ING’s balance sheet grew considerably in 2021 to €23.3 billion following large deposit inflows in wholesale banking, the bank said.
The Dutch lender joins a group of banks that have posted massive 2021 profits for their Luxembourg subsidiaries in recent weeks, with Deutsche Bank announcing a €148 million profit and state-owned BCEE declaring a profit of over €230 million.