ING Bank, the local branch of the Dutch group, ended last yearwith a 128 million-lei gross profit, up 52% against 2009 due to thesignificant cut in provision costs. "The earnings thereforeexceeded the high reached in 2008, before the crisis. "All businesslines were profitable. Retail also posted several million lei inprofit last year," said Mişu Negriţoiu, general manager of thebank, mentioning that the commercial banking division (bigcompanies) had the biggest contribution to the profit, followed bythe medium-sized companies division and the retail division.
The bank's net income, however, fell 3% to 672 million lei. "Themarket was much more competitive and we adjusted our fees andcommissions because we want to stay competitive. In addition, theresults of the treasury declined because the market was more stableand they will probably decline this year, as well."
The development of the retail segment, which came to account for41% of the bank's revenues, drove both the 4% rise in the volume ofdeposits, to nearly 9 billion lei, and the 3% loan increase, to 7.5billion lei. "The loan to deposit ratio is below 100% and will staythis way because this is the business model and gives us a solidbase for a new cycle of growth."
ING Bank has budgeted a higher asset growth rate of 15-20%compared with 9% in 2010, as well as a 10-15% profit increase,added Mişu Negriţoiu.
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