ING Bank Romania boasts 30% higher profit despite 2.6% advance in assets in Q3 2023
ING Bank Romania reported its total income rose by 18% y/y to RON 2.50 billion and its net profit surged by 30% y/y to RON 1.17 billion amid the reduction of risk costs (-67% y/y) and the increase in operational efficiency, in a market…
iulian ernst · Journalist
· Updated · 1 min read
ING Bank Romania reported its total income rose by 18% y/y to RON 2.50 billion and its net profit surged by 30% y/y to RON 1.17 billion amid the reduction of risk costs (-67% y/y) and the increase in operational efficiency, in a market with higher interest rates.
The bank's total assets increased by 2.6% y/y to RON 63 billion at the end of September, of which customer loans reached RON 37.3 billion (+3% y/y).
Customer deposits amounted to RON 55.2 billion, with a 6% growth rate compared to the same period of the previous year.
While the bank's assets have not increased dramatically, its digitalisation is advancing fast, officials explained.
"In the third quarter, we further expanded our digital offer for private individuals and legal persons. Since July, entrepreneurs can access online loans straight from the ING Business web platform, with instant access to money, and customer feedback is very good, with an excellent adoption rate of this digital product," stated Mihaela Bitu, Country Manager ING Bank Romania.
(Photo source: the company)
