ING posts 37% increase in assets in Q1

ING Bank Romania reported a gross profit of 121 million lei (28.36 million euros) after the first quarter of the year, a 248 percent jump on the similar period of 2008, on a 37 percent advance in total assets and an increased number of customers, NewsIn informs.

ING Bank Romania registered net revenue of 259 million lei in the first three months, up 148 percent on last year, mainly due to a hike in the number of individual customers from 544,000 last year to 813,000 and a boost on the small and medium enterprise client segment from 4,718 to 10,354.

The lender also saw a 37 percent yearly increase in assets to 11.043 billion lei, as well as a credit to deposit ratio of 107 percent.

ING Bank NV, the banking division of ING Group, posted a net profit of 519 million euros in the first quarter this year.

The ING Group's loss of 305 million euros in the first three months of 2009 was significantly smaller compared to the 3.073 billion euros result in the red reported for the last quarter of 2008.


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