Bank ING BSK Q1 results reflects the sectors woes

ING BSK is another bank that recorded very poor first quarter result, posting a net loss of zł. 6.2 million, which is ten times worse than for the same period last year. The bank's directors did not hide their disappointment with the figures. "This period proved that the demand for banking services has stopped. In addition, falling interest rates caused the drop in the real value of assets, which was accompanied by growing liquidity problems of our clients," said ING BSK president Marian Czakański. He would not forecast whether his bank would earn as much as last year's zł. 154 million. "ING BSK was perceived as one of the institutions with the highest level of reserves, so the necessity of creating additional reserve of zł. 100 million proves that its loan risk assessment policy is poor," said Millennium DM analyst Marcin Materna. (Puls Biznesu, pp. 1, 6) M.M.