ING Bank Romania boosts profit on lower provisions, higher volume of corporate loans

ING Bank Romania's gross profit was up 26 percent last year, to some EUR 37.9 million, triggered by a drop in risk provisions and a hike in revenues. The bank saw its assets boosting by 18 percent in 2011, to EUR 3.3 billion, equivalent of a 4 percent slice of the local banking market, ranking ninth among banks active in the country. Loans went up to EUR 2 billion, a 19 percent increase on the year before, driven by higher growth on the corporate segment. Deposits were also up by 15 percent, triggered by higher demand from companies. „Last year's results show a moderate growth as uncertainty continued. We are please especially for having increased the volume of loans, by 30 percent on the corporate segment, and continued to be profitable,” said Misu Negritoiu, CEO ING Bank Romania. He hopes loans in local currency will help achieve a 10 percent increase in revenues and profitability this year. The bank targets a place in the top five of banks in Romania in the next three to five years. editor@romania-insider.com