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ING Bank Romania gross profit rises 19% y/y in H1 on lower provision costs

ING Bank Romania gross profit rises 19% y/y in H1 on lower provision costs ING Romania CEO Mihaela Bitu Source: ING Romania

BUCHAREST (Romania), August 30 (SeeNews) - The gross profit of ING Bank Romania rose by an annual 19% to 441 million lei ($105 million/89 million euro) in the first half of 2021 due to lower provision costs, the lender said on Monday.

Provision costs fell 33% year-on-year in the first six months of 2021, to 134 million lei, ING Bank Romania said in a press release.

The bank's revenues added an annual 6% in the January-June periof, reaching 1.1 billion lei.

"We notice an increasing confidence in all categories of customers regarding the economic recovery, and many of them are resuming
plans postponed due to the pandemic. In this positive context, our loan portfolio and turnover increased, and provisioning costs decreased significantly, which led to an increase in profit by almost 20%," ING Bank Romania CEO Mihaela Bitu said.

The bank's loan portfolio expanded by 9% year-on-year to 30.4 billion lei in the first half, while deposits grew 13% to 46.1 billion lei.

ING Bank Romania is a unit of Dutch banking group ING, which entered the Romanian market in 1994 and started developing its retail business in the country in 2004. The bank serves some 1.6 million customers in Romania.

ING Bank Romania's gross profit fell by 37% to 574 million lei last year.

(1 euro=4.9349 lei)

ING Bank Romania SRL is among the biggest banks in SEE, for more reference take a look at Top 100 banks
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