ING Bank posts net profit of RON 193 mln for Q1 2018 and 32 pct higher revenues y/y

Anca Alexe 17/05/2018 | 14:37

In Q1 2018, ING Bank Romania had a net profit of RON 193 million. Gross profit went up to RON 214 million, which was RON 95 million higher than the same period of 2017, as a result of a strong growth in revenues generated by a growing number of clients. This development led to 32 percent higher revenues y/y, with a total of RON 425 million.

Operational costs reached RON 206 million, up 17 percent y/y, as a result of changes brought to the operational model and the bank’s investments in IT infrastructure, business apps, expenses with new employees and regulation costs.

“Measures such as improved risk policies in the recent years, together with a reversal of provisions for certain clients have led to an 82 percent reduction in risk costs, reaching EUR 5 million at the end of March 2018. Results are based on a healthy and stable client evaluation policy in all lines of business, which led to a continuous decrease in the nonperforming loans rate, which was at 3.1 percent at the end of Q1, a 0.6 percent decrease from last year,” said the bank in a statement.

ING’s loan portfolio went up to RON 21.4 billion in Q1 2018, 16 percent higher than a year ago, covering a market share of 8.9 percent, a 0.9 percent growth from March 2017. Loans for SMEs grew by 24 percent, up to RON 5 billion.

Over the last year, ING Bank attracted 150,000 new clients, a significant growth for all business lines. ING had 623,500 users on ING Home’Bank, a 25 percent growth.

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