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ING Bank Romania income increased by 26%, to 161 million lei

Autor: Bancherul.ro
2012-02-23 08:50

ING Bank Romania had in 2011 a profit of 161 million lei, up 26% from a year earlier. Reported in Romanian accounting standards (RAS), ING reported a profit of 127 million, making it the third most profitable bank in Romania, after BRD, Raiffeisen Bank and Banca Transilvana.

Bank assets rose 18% to 14.25 billion lei. ING's market share in terms of assets rose from 3.52% to 4.04%, so the bank climbed to No. 9 in the top banks by assets, exceeding Bancpost.

ING achieved a net income last year of 701 million, representing an increase of 4% over the previous year, as a result of significant diminution in risk provisions, income growth and tight control of operating expenses.

The bank has a cost / income ratio of 58%, which it aims to decrease it to 50%, by optimizing and reducing the number of 207 units, especially in cities hit hard by the crisis and where businesses no longer effective.

ING balance loans increased by 19%, to 8.85 billion euros, financing to companies registering an increase of 30%, while deposits rose 15%.

"The results show a moderate increase last year amid uncertainty. We are especially pleased that we managed to increase loan volume by 30% in corporate business, and continued to be profitable, " said Misu Negritoiu (pictured), general manager of ING Bank.

ING Home'Bank passed in 2011 through a process of development: change the interface, an improved user experience and new functions, such as loan repayment or account name. Following this process, electronic transactions by ING Home'Bank recorded an increase of 40% (within 3 months of release).

This year, Misu Negritoiu rely on credit in lei for both individuals and SMEs and large companies. "We would be very happy if we sell as many mortgage loans in lei, we tried this in the past but we had not been so determined," said ING chief.

His aim for 2012 is to growth the bank revenue and profitability by 10%.

"In 2012, we will focus on consolidation and re-thinking business model. We want to build a bank for the future, meet new regulatory requirements and focuse on the needs and current spending habits of customers, "said Negritoiu.

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