The gross profit of ING Bank Romania, a subsidiary of Dutch ING Group, rose by 44 percent year-on-year to RON 232 million (EUR 52 million), helped by higher revenues and flat operational expenses.
ING’s banking assets rose by 15 percent to RON 16.3 billion (EUR 3.6 billion), making it one largest lenders in Romania with a 5 percent market-share. The turnover added 19 percent to RON 833 million (EUR 187 million).
“ING is strong. The market is not growing, but it’s offering competitive opportunities,” said Michal Szczurek, CEO ING Bank Romania.
The loan book increased by 2 percent to RON 9.6 billion, due to gains in both the retail and corporate segments. The savings and deposits portfolio expanded by 7 percent to RON 11 billion, driven by the retail operations.
Szczurek stated the risk costs rose by 60 percent driven by 3 to 4 big cases. He added losses in the banking sector amounted last year to RON 2.1 billion (EUR 471 million).
ING officials said they will stick to retail lending in the local currency RON.