ING Bank boosts profits in Romania as provision costs down

Dutch lender ING Bank Romania saw its gross profit up 19% last year on 2013, to EUR 76.5 million. Its net profit was of EUR 65.3 million. The increase in revenues and the 40% drop in costs with risk provisions triggered the record profit, the bank has said. “It was a year of spectacular growth for us, marking 20 years since ING Bank entered the Romanian market. […] In 2015, we will follow our growth strategy, consolidate the mature retail and corporate divisions and continue the rapid growth of the small and medium enterprises segment,” said Michal Szczurek, CEO ING Bank Romania. The bank’s revenues were up 4% year-on-year, to some EUR 206.7 million, despite the continuous drop in interest rates on the market. ING Bank’s portfolio of loans also grew by 13%, to some EUR 2.5 billion. This helped the bank push its market share from 4.1% in 2013, to 4.8% in 2014. editor@romania-insider.com