ING DIRECT Australia today announced a record net profit after tax of $275.9 million for the 12 months to December 31 2010, up 5% on the previous year.
The profit of Australia’s 5th largest retail bank was delivered with strong growth in savings, mortgages and new customers.
CEO, Don Koch, said the result is part of a sustainable growth strategy to position ING DIRECT as a more full service bank.
“These results show we are well on our way to embedding home loans, savings and everyday banking products into the lives of our customers. We’re already strong competitors in the mortgage space and last year’s launch of Orange Everyday put us firmly in the wallets of Australians,” Mr. Koch said.
ING DIRECT pioneered no-fee, online savings in Australia ten years ago and has since continued to challenge the majors with its low cost model.
“Our focus will continue to be offering an alternative option, with low or no fee, great value products in savings, mortgages the transactional market where our online model allows us to create a competitive product which is well-loved by our customers,” Mr. Koch said.
Key Results for 2010:
- Retail savings growth of 10% to more than $23 billion
- $1.1 billion net growth in new home loans – $37 billion portfolio
- 100,000 new customers – 1.4 million customers total
- No. 1 bank customer satisfaction *
Mr. Koch said the ING DIRECT balance sheet strengthened significantly throughout 2010 with total retained profits reaching $1.3 billion.
“This means we have strong foundations to continue with intended product development and growth plans,” Mr Koch said.
ING DIRECT’s regulatory capital ratio increased from 13.0% at the end of 2009 to 14.3% at the end of 2010 and its tier 1 ratio increased to 9.9%.
*Nielsen Financial Services Monitor Q4 Dec 2010
David Breen, ING DIRECT
Ph: 0412 933 060
About ING DIRECT
ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, it has grown to become Australia’s fifth largest retail bank, with $23 billion in deposits, more than $37 billion in loans and more than 1.4 million customers.
Please note ING DIRECT is never abbreviated to ING.