ING Romania posts a profit up by almost 80 pc in H1

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ING’s Romanian subsidiary registered a net profit of RON 278 million in the first six months of the year, up by 79 percent year-on-year, mainly supported by Visa shares sales in the second quarter, a press release informs on Wednesday.

Excluding the Visa shares sales impact, ING Romania’s net profit grew by 14 percent compared to the same period last year, to RON 177 million.

In H1 of 2016, the revenues increased by 39 percent y-o-y, reaching RON 675 million. The gain is due mainly to the Visa shares sales, but also to the continuous growth of loans. Excluding the Visa shares sales impact, the total revenue registered a growth of 13 percent to RON 552 million.

The operational costs grew to RON 311 million, with 13 percent more than the same period of the last year, mainly due to the increase of staff costs, regulations costs and investments in technology and marketing. The risk costs grew to RON 30 million, from RON 22 million in the first half of the previous year, the variations coming from the loan volume growth.

At the same time, non-performing loans (NPL) rate continued to improve, from 5.5 percent in the first half of 2015 to 3.9 percent in the H1 of this year.

„During the first six months of the year, we won about 71,000 new active clients and lending increased by almost 30 percent. We are focusing on the simplification of the banking services through innovation, so I am confident that we can offer a banking experience over standard, while we prepare the bank for future challenges, ” Michal Szczurek, CEO of ING Romania said.

The credit portfolio reached RON 16.3 billion at the end of the first semester, up by 29 percent compared y-o-y, Dutch bank’s lending market share in Romania expanding to 7.1 percent in H1 of 2016 to 5.4 percent in the same period last year.

 

 

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