Local lender ING Bank posted in the first quarter of the year a net profit of EUR 18.6 million, up 9% year-on-year.

Its income increased by 17%, to EUR 53.9 million, whereas the costs rose by 9%, to EUR 30.1 million. The cost/income ratio decreased from 60% in the first quarter of 2014 to 56% in the first three month of 2015.

The bank’s investments in technology in the first part of the year triggered the 9% increase in costs. These amounted to EUR 30.1 million.

The balance of loans increased by 12%, to EUR 2.5 billion. The bank’s market share in the lending sector increased from 4.6% to 4.9%, according to its data, reports local Mediafax.

Its net profit last year amounted to EUR 65.1 million, whereas the gross profit increased by 19% to EUR 76.4 million.

The retail segment and the mid-corporate banking sector accounted for the lender’s growth.

editor@romania-insider.com