The annual results posted on Friday showed the bank’s net profit was down 22% compared to the €116m posted in 2019. This was partially due to increased risk costs because of the pandemic, up 5% compared to 2019 to reach €8m.

Income was at €300m with the cost-income ratio at 57% and solvency at 21%.

ING granted 2,000 loan moratoriums to its customers while issuing €250m in new loans and leasing contracts for business customers.

“As we look towards the future, and we hope for a speedy recovery, we are more than ever committed to play our vital role in the local economy and continue empowering people and business alike to stay a step ahead,” said ING CEO Colette Dierick in a statement. “We owe it to our clients to be part of the solution.”

ING counts 134,000 clients in the grand duchy.