International Property News

ING Bank's 2007 net profit up by 44%

22nd April 2008

The Czech branch of ING Bank last year saw its net profit rise by 44 percent year-on-year to Kc354m, while its total assets fell by 5 percent to Kc56.7bn at the end of December, ING Bank chief executive officer Rolf-Jan Zweep said at a press conference Tuesday.

The strong result for 2007 was created mainly thanks to a 30-percent increase in net interest yield and improved results on financial markets, both from the sale of products to clients and from trading on own account, Zweep said.

ING Bank's operating costs last year grew by 9 percent year-on-year to Kc716m.

The volume of clients' deposits on the ING Konto savings account last year rose by 101 percent to Kc20.2bn.

By its total assets, ING Banks ranks among midsized banks on the Czech market.

Following Prague and Ostrava, ING Bank is going to open a new representation office in Brno in June. Further offices are not planned, Zweep said.

Three officies is a sufficient number to fully cover all the bank's clients. Operations remain centralised in Prague, Zweep said.

ING Bank is part of the financial group ING Group whose other members in the Czech Republic are, for example, ING Pojistovna, ING Penzijni fond, ING Invest Management and ING Real Estate.

Source: Prague Monitor