2021 is a year we can be proud of," said Dierick in a statement. (Photo: Matic Zorman/Maison Moderne/Archives)

2021 is a year we can be proud of," said Dierick in a statement. (Photo: Matic Zorman/Maison Moderne/Archives)

ING Luxembourg has posted a 33% year-on-year increase in profits for its 2021 financial year, with revenues of €338m. The bank’s outgoing CEO, Colette Dierick expects a “more difficult” 2022.

Dierick, , will leave her post on a good performance: the bank’s revenues rose by 13% to €338ms for a net result of €120m after a tax charge of €41m in 2021. In 2020, the net result was €89m.

This performance was driven by loan volumes, which reached €9bn in 2021 compared with €8.7bn in 2020, and the 22.5% increase in commission income.

The cost/income ratio rose by 4% to 53%. The solvency ratio was 24% and the return on equity reached 11%.

The balance sheet grew by 28.8% to €23.3bn “as a result of strong deposit-taking in wholesale banking”.

ING Solutions Investment Management (abbreviated to ISIM), ING’s Luxembourg-based asset management company, continued its strong growth by exceeding €30bn in assets under management last year. It currently manages Luxembourg funds that are distributed in five European countries.

In retail and private banking, mortgage lending increased by €200m to reach €3.5bn.

“After a record year in 2021 in terms of revenues and net results, 2022 will be more challenging for ING as we invest to comply with new regulations, such as the fifth AML or SFDR directive, and technologies,” said Dierick.

This story was first published in French on . It has been translated and edited for Delano.