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ING Bank Romania's Q1 net profit dives 27 pct YoY

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ING Bank Romania made a net profit of 143 million lei in Q1 2020, down 27 percent YoY, the bank announced in a release.

The number of customers who collect recurring revenues in an ING account advanced by 13 percent to one million, an important benchmark for the company. This strong growth was also backed by a 25 percent rise in the balance of customer deposits to 39 billion lei, which took the bank's deposit market share to 9.9 percent, by 0.9 percent more compared to March 2019.

Compared to 2019, ING Bank Romania's loan portfolio increased by 11 percent to 28.9 billion lei. The bank's market share thus advanced to 10.5 percent from 10.1 percent in March 2019. Retail loans account for 59 percent of the bank's portfolio, and corporate loans for 41 percent.

Despite a slight increase to 3.6 percent, the bank's NPL ratio remains below the market average.

"A decade ago, when we were faced with the financial crisis of that time, we had a strong advantage due to our responsible lending policy. Back then we were able to continue our activity, to help our customers and significantly grow the bank's business, as we were less affected by risk costs. Today's crisis is completely different in nature, but we will continue to support our customers and together we will overcome this period. I consider that the fact that one million customers collect their recurring income in an ING account, and that this number continues to rise even during the crisis is a sign of trust," said ING Bank Romania CEO Mihaela Bitu.

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