Profit or ING Bank Romania up 42% YoY

ING Bank Romania achieved a net profit of RON 630 mln (EUR 126 mln) in the third quarter of this year, up 42% from the same period in 2020, according to a bank statement.

The revenues increased by only 9% YoY to RON 1.7 bln. Bank’s assets rose by 15% YoY to RON 30 bln (EUR 6 bln).

“Cost optimization, credit evolution and especially lower costs with risk provisions have brought us an increase in profitability compared to the same period of 2020,” explains Mihaela Bitu - CEO of ING Bank Romania.

Lending gained momentum, particularly in the retail segment (households) - but corporate lending increased as well, thanks to Government guarantees.

The bank has participated as well as lead arranger in several large-sized financing deals.

The production of new loans in the segment of individuals exceeded the levels recorded in the same period last year by 54%, personal loans registering a more pronounced dynamic.

ING Bank Romania granted new loans amounting to RON 1.2 bln (EUR 240 mln) in the first four months of operation of the SME Invest 2021 program, 20% more compared to 2020.

As ING was rapidly approaching the exhaustion of the ceiling, the bank requested its supplementation in the summer and obtained an increase in the allocated ceiling by RON 400 mln.

(Photo: Andreea Constantinescu/ Dreamstime)