May 17 (SeeNews) - The gross profit of ING Bank Romania rose 44% year-on-year to 214 million lei ($55 million/ 46 million euro) in the first quarter on the back of growing revenues and cost control, the bank said on Thursday.
The loan portfolio increased 16% year-on-year to 21.4 billion lei in the first quarter, boosting the bank's market share to 8.9% from 8.0% in 2017, ING Bank Romania said in a statement.
Deposits grew 21% to 27.9 billion lei, representing a market share of 8.5%, up from 8% a year earlier.
Over the year ended March 2018, ING has attracted more than 150,000 new active clients, up 15% compared to the number reported in March 2017. The number of clients receiving recurring revenues in ING accounts increased by 24% on the year in the first quarter of 2018.
The bank's revenues grew 32% on the year to 425 million lei in January-March, while its operating costs rose 17% to 206 million lei due to stepped-up activity, investment in IT infrastructure, regulatory costs and added employees.
Risk costs shrank to 5 million lei, down 82% on the year, due to improved risk policies coupled with the reversal of provisions for certain clients.
The NPL ratio was 3.1% at the end of the first quarter, lower than 3.7% a year earlier.
The net profit of ING Bank Romania grew 4% year-on-year to 493 million lei in 2017 on the back of strong lending and deposit growth.
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.
(1 euro=4.6296 lei)