ING Bank announces annual results 2010 - net profit CZK 671 million
ING Bank Czech Republic ended the year 2010 with successful financial results being very close to the record year of 2009 and realized the net profit of CZK 671 million in 2010. Considering the positive yearly revaluations of bond portfolios (in the amount of CZK 116 million) the net comprehensive income equalled to CZK 787 million (being -3% compared to 2009).
Continued success of ING Konto and its popularity were confirmed by the yearly 23% increase of the total balance to more than CZK 74 billion at the end of 2010. Our excellent conditions attracted more than 50,000 new clients in 2010. Especially because of the growth on ING Konto, the total balance sheet grew to CZK 116 billion at the end of 2010.
In 2010, ING Bank Czech Republic increased its share on new business within corporate leverage and acquisition finance confirming our expertise in large and complicated transactions. We are proud to mention two large business transactions from the last year being CZK 700 million participation in CZK 4.5 billion club refinancing for the largest Czech steel distributor Ferona Group, and Working capital financing for Třinecké železárny and it subsidiaries in the Czech Republic and Poland that proved the quality of our products and also our strong industry knowledge and focus.
Our corporate lending portfolio also in 2010 confirmed its solid and robust base, and thus we report extremely low loan losses mainly due to the high quality of the financial situation of our clients. Together with the same development in 2009, it is at the top level within the Czech banking environment.
The trend from previous year with low interest rates contributed to the fall of net interest income by 25%. Radek Mlcak, Chief Financial Officer, commented: “Long-term, both on our Retail and Commercial Banking portfolios, we keep competitive interest rates favouring our customers which bring lower net interest income in the times of generally low interest rate environment. The same applies to the net fee income which went down for 8%. I can only add that ING Bank will continuously challenge generally high fees within the Czech banking environment in favour of our clients.”
In the year 2010, ING Bank Czech Republic invested in the operational separation of the Banking and Insurance businesses.
“We will further build on this to become the Preferred Bank for our customers. Other spearheads of our organisation will be Operational Excellence and being a Top Employer,” says Jan Bartholomeus, CEO ING Bank Czech Republic.
Key financial figures ate HERE.
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ING Czech Republic
ING Group entered the Czech market in 1992. From its beginnings it has been among leaders in all areas, in which it operates in the Czech Republic – namely in banking, insurance, assets management, mutual funds and supplementary pension insurance.
ING provides services to both individual and corporate clients alike. To individual clients ING offers a savings account ING Konto with extraordinary yield and ING Mutual Funds. To corporate and institutional clients it offers complex services in the commercial and investment banking.
Tisková mluvčí, manažerka komunikace a PR ING Bank