05:36 ING fills rope ring for more than 800 million euros due to war in Ukraine

05:36 ING fills rope ring for more than 800 million euros due to war in Ukraine

ING allocated 834 million euros in the first quarter of this year due to the war in Ukraine. This money is for loans that the bank no longer expects to repay, the so-called slipknot pot. As a result, profits fell by more than half, according to quarterly figures from the bank.

Below the limit, this massive intervention yielded only 429 million euros in profit. In the first quarter of last year, profit amounted to just over a billion euros.

Due to the war in Ukraine, ING has already intervened in the Russian branch, which employs about three hundred people. At the beginning of March, the bank decided to stop doing new business with Russian companies.

ING has the largest share in Russia of all Dutch banks. The group has provided loans to Russian customers in excess of EUR 5 billion, which is equivalent to approximately 1% of its total portfolio.

With the announced milestones, ING did not go as far as some of its competitors. Rabobank announced at the end of March that it would completely withdraw from Russia. It is not yet clear what ING plans to do with its activities in the country. “We will continue to monitor the situation closely,” CEO Steven van Rijswijk said in a statement accompanying the quarterly results. said.

Source: NU

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