Profit of ING Bank Romania drops by 20% y/y in 2009.

By bne IntelliNews February 19, 2010
The after-tax profit of ING Romania dropped by 20% y/y to RON 84mn (nearly EUR 20mn), the better results from operations being offset b y the risk-related costs (provisioning costs), according to banks president Misu Negritoiu. The profit before provisioning and tax increased actually by 30% y/y to RON 695mn under the circumstances that the assets stagnated at RON 11.06bn and the portfolio of loans inched up a mere 3% y/y to EUR 7.25bn. ING Bank Romania expects 5-10% y/y rise in revenues and 10-15% rise in the stock of loans this year. Acceding to banks management, ING Bank Romania had a 3.61% market share in terms of active, 4.78% in terms of deposits, 10% in terms of cards, 10% in terms of cash management and operations, 12% on the money market, 7% on the brokerage market and 43% on the custody services market.

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