ING Bank Romania revenues up15 pc in 2006

Bucharest - The total revenues of ING Bank Romania grew by 15 per cent to RON 305 M (EUR 86.5M) and the bank's assets grew by 6.5 per cent to RON 7.22 bln in 2006.

However, the gross profit dropped by a half to RON 35 M given the investment made in development, the bank informed yesterday. The bank's gross profit in 2005 was RON 68 M. The decline reported last year came from the expansion of the network both for retail and for corporate customers and from the investment in development, explained the bank's CEO, Misu Negritoiu. "2006 was a year of organic growth for ING Bank Romania. We focused on growing our corporate branch network, on developing the retail banking network and the retail product portfolio in general, assuming a lower profit on a short term," stated Negritoiu. The bank has a country network of branches counting 114 units 32 of which were opened in 2006. ING Bank intends to open ten new corporate branches by the end of the year. ING Lease that was launched in the end of July 2006 granted nearly EUR 30 M in loans last year.

ING Romania is part of the Dutch ING Group, provider of banking, insurance, and asset management services to some 60 million retail, corporate or government customers in 50 countries.

Nine O'Clock