ING Bank ups net profit by 9% in Romania in Q1

Local lender ING Bank posted in the first quarter of the year a net profit of EUR 18.6 million, up 9% year-on-year. Its income increased by 17%, to EUR 53.9 million, whereas the costs rose by 9%, to EUR 30.1 million. The cost/income ratio decreased from 60% in the first quarter of 2014 to 56% in the first three month of 2015. The bank’s investments in technology in the first part of the year triggered the 9% increase in costs. These amounted to EUR 30.1 million. The balance of loans increased by 12%, to EUR 2.5 billion. The bank’s market share in the lending sector increased from 4.6% to 4.9%, according to its data, reports local Mediafax. Its net profit last year amounted to EUR 65.1 million, whereas the gross profit increased by 19% to EUR 76.4 million. The retail segment and the mid-corporate banking sector accounted for the lender’s growth. editor@romania-insider.com