ING Bank is certainly not well off. In the second quarter of this year, the bank’s profit shrank by 80 percent. That is of course a huge difference … But: there is still profit and that amounts to no less than 299 million euros.
A year ago, ING made a profit of 1.4 billion euros. Of course, 299 million euros is much less impressive… but given that almost all other sectors are on the verge of collapse, ING has no reason to complain at all. “We have to cut back because we make less PROFIT” is not exactly a good reason to panic.
The reason for the big difference is that the bank had to set aside more than 1.3 billion euros because of loans outstanding from companies that are facing payment problems due to the corona crisis. The largest bank in the Netherlands also had to write off 300 million euros on various assets due to the corona crisis. This concerned acquisitions that ING made in the past, but now turn out to be less successful than expected.
Unfortunately, you can hardly believe that this is a first step towards more state aid for the banks. At least, that’s what critics fear:
Whatever. I think the banks have received enough free money in recent years. If someone already gets free money, then ordinary citizens and SMEs; precisely the two groups that have been destroyed since Prime Minister Rutte took office.
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