ING saw profits more than halve in the first quarter of this year. The company has set aside 834 million euros because of the loans outstanding in Russia, which may not be repaid due to the war and sanctions.
At the bottom of the line, ING’s profit in the first three months of this year was EUR 429 million. A year ago, that was just over a billion euros.
6.7 billion euros
Compared to other Dutch banks, ING already does relatively much business in Russia. At the end of February, the company announced that it had a total exposure to Russia of 6.7 billion euros, mainly due to outstanding loans from companies in the metal industry.
Due to the war, the bank decided not to do new business with Russian companies, but to remain active for current international customers.
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