Banking group ING booked a 16% increase in net profit in 2016, thanks in part to a strong final quarter.

Increased income from interest and falling costs helped propel the bank’s net profit to €4.6bn. Underlying net profit was up almost 18% at €4.9bn, the bank said in a statement.

ING says it attracted 1.4 million new retail customers in 2016 and the total number of account holders reached 9.7 million.

Chief executive Ralph Hamers declined to give a forecast for 2017. He told reporters 2017 will be categorised by political uncertainties due to elections in France, the Netherlands and Germany.

ING said in October it is cutting its workforce by up to 7,000 jobs over the next five years, of which 2,300 will be lost in the Netherlands. In addition, 950 jobs currently done by people on temporary contracts and through staffing agencies will be cut.

The bank plans to invest some €800m improving digitalisation and creation of a single banking platform for all countries where the bank operates. It is taking a provision of €1.1bn to cover the cost of the overhaul.