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September 27, 2020
ECONOMY FINANCE&BANKING

ING Romania – 120 million lei gross profit in Q1, aims at being digital bank of future

ING Bank Romania registered in the first quarter of this year a gross profit of 120 million lei, by 22 million lei higher than in the same period last year, as revenues increased significantly (52 million lei) and costs were kept under control, according to a press release sent on Thursday to AGERPRES.

ING’s loan portfolio reached 18.5 billion lei at the end of March 2017, an increase of 28 pct over the past 12 months. Market share in credit rose to 8 pct, from 6.3 pct in March 2016.

Moreover, in the past 12 months, ING has attracted more than 125,000 new active clients, a net increase of 14 pct against the end of March 2016. The number of clients currently cashing in recurring revenues in an ING account increased year-over-year by 21 pct, amounting to nearly 600,000 people.

Total revenues grew by 19 pct, reaching 323 million lei, due to the expansion of the business and the number of active clients. Operational costs reached 176 million lei, 15 pct higher than the same period in 2016, also as a result of business development, but also investment in IT infrastructure, new employee costs and regulatory costs.

Loans in lei surged by 45 pct compared to the first quarter of 2016, approaching 13 billion lei.

The funds raised from customers reached 23 billion lei, 20 pct more than in March 2016, so ING reached a market share of 8 pct for deposits, from 7.3 pct in March 2016.

“Our goal remains to build the digital bank of the future. Today, 30 pct of our active customers using digital banking services have chosen ING and they account for 51 pct of the digital banking transactions in Romania,” stated Michal Szczurek, CEO of ING Bank Romania.

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