ING Bank sees record profit in Romania in Q1

ING Bank Romania recorded a gross profit of RON 120 million (EUR 26.3 million) in the first quarter of this year, up EUR 4.8 million over the same period last year. The profit went up as the bank managed to increase its operating revenues during this period and better control its expenses. The lender’s total revenues rose by 19% to almost EUR 71 million due to business growth and the increase in the number of active clients. Operational costs reached EUR 38.6 million, up 15% year-on-year as a result of both business development and investments in IT infrastructure. The loan portfolio reached EUR 4 billion at the end of March, up 28% over the same period last year. The bank’s market share in lending rose to 8%, from 6.3% in March 2016. ING also increased its deposit base by 20%, to over EUR 5 billion, reaching a market share of 8%, up from 7.3% in March last year. In the last 12 months, ING attracted more than 125,000 new active clients, up 14% compared to the 12 months ended March 2016. ING continued to focus on developing digital services during the first quarter of the year. editor@romania-insider.com