ING Bank Romania posts 35 percent growth in 9-month net profit

ING Bank Romania ended the first 9 months of 2018 with a net profit of RON 529 million, a 35 percent growth compared to the same period of last year. The bank has reached 1.25 million active customers and a market share of almost 10 percent for loans.

The number of active customers increased by 14 percent (155,000) in the past 12 months, having reached 1.25 million. 126,000 more customers are collecting their recurrent incomes into an ING account – 19 percent more than in Q3 2017.

Gross 9-month profit reached RON 603 million, 31 percent larger than the first 9 months of 2017. Net profit was RON 529, compared to the RON 391 million obtained last year.

Revenues have grown by 28 percent, exceeding RON 1.35 billion in the first 9 months. Operational costs are up 23 percent to Ron 656 million, including personnel costs, moving into new headquarters and investments into digitization.

ING’s market share on the loans segment has grown by 0.9 percent, reaching 9.8 percent. The number of loans granted is up by 17 percent, to a total of RON 24.6 billion, and 57 percent of those were granted to individuals. The amount of loans given to SMEs has increased by 23 percent compared to last year, supported by the June launch of a new credit product – ING SRLeu. ING’s online personal needs loan has been expanded with a refinancing option.

The bank’s market share on the deposits segment has reached 9 percent. The total value of deposits increased by RON 4.6 billion – 18 percent higher than in September 2017 – up to RON 29.6 billion.

ING Romania closed all its physical cash desks last month. Cash operations can only be conducted through the automated machines in ING units.

The number of logins into ING’s internet banking network increased by 64 percent compared to September 2017, while the number of transactions has increased by a third in the same period. ING had 680,000 active internet banking customers at the end of September, of which more than half were using the mobile app.

ING Bank Romania is a subsidiary of the ING Netherlands group. The group’s total number of customers increased by 200,000 in the third quarter of this year, reaching a total of 12.2 million, of which 38 million in the retail segment. The net value of loans increased by EUR 6.8 billion, while the net deposits were up by EUR 3.4 billion. ING had a net profit of EUR 776 million in Q3 2018.