ING Bank Romania’s gross margin increased by 19% year-on-year in the first half of the year thanks to lower provision costs

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BUCHAREST (Romania), Aug. 30 (SeeNews) – ING Bank Romania’s gross profit increased 19% per year to 441 million lei ($ 105 million / 89 million euros) in the first half of 2021 due to of lower provision costs, the lender said Monday.

The 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 income grew by 6% per year over the January-June period, reaching 1.1 billion lei.

“We are seeing growing confidence from all categories of customers in the economic recovery, and many of them are resuming
plans postponed due to the pandemic. Against this positive backdrop, our loan portfolio and turnover increased, and provisioning costs decreased significantly, resulting in a profit increase of almost 20% ”, said Mihaela Bitu, CEO of ING Bank Romania.

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

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

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

(1 euro = 4.9349 lei)


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