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ING Bank Romania profit rose 3.5 times Date: 2009-05-15

ING Bank Romania, one of the top ten players in the local banking system, announced profit worth RON 121 million (€28.4 mln), 3.5 times higher than the level registered in the first three months of 2008.
 
Revenues of the Dutch ING group’s subsidiary skyrocketed by an annual 148 percent, to RON 259 mln (€60.7 mln). The banking sector registered losses worth some €50 million in the first quarter of 2009, considering that almost half of the players will post negative results, according to data provided by the central bank. The loss at market level is a first in the past two decades. ING Bank N.V. - the banking division of the ING Group, has also announced a net profit worth €519 mln in the first quarter of this year. All three banking subdivisions - Wholesale Banking, Retail Banking, and ING Direct - contributed to this result, in spite of the increase in risk costs.
 
“Market conditions remained difficult in the first quarter of this year, considering that the activity on equity markets continued to slow, the price of risk associated to loans remained high, prices of real estate goods continues to decline, and losses of granted loans increased due to the expansion of the crisis from the financial area to the real economy,” the CEO of ING Group, Jan Hommen said. According to a report by the Dutch group, all six business

lines within ING registered significantly better results compared to the final quarter of 2008. Thus, ING group’s loss in the first three months of 2009 was limited at €305 mln, compared to over €3 billion in the fourth quarter of last year. “This year will continue to be a challenging one as markets are volatile and the economic environment continues to be uncertain. We will continue to lower risks and improve the group’s operating performances through the “Back to basic” program, while we strive to regain the trust of our clients and adjust our activity to their needs,” Hommen added.

[Source: Standard.ro; May 15, 2009]

 

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