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Record customer growth drives ING Australia success

Published on 10/03/2020

ING in Australia today announced a statutory net profit after tax of $440m for the 2019 year, up 9.7% on the previous year. The earnings came with another year of record customer growth and a 30% rise in the number of Australians treating ING as their main bank.

In 2019 ING:

  • Attracted 423,000 new customers (total 2.6m)
  • Added more than 450,000 new Orange Everyday transaction accounts (>2m total)
  • Grew primary customers 30% – total 833,000
  • Grew retail deposits 9.9% – $37b
  • Grew retail mortgages 6.3% – $52b
  • Grew business loans 9.2% – $4.9b
  • Grew wholesale banking 13.3% – $5.7b
  • Personal loans surpassed $245m
  • Maintained status as Australia’s most recommended bank*

ING Australia CEO Uday Sareen says:

“ING celebrated 20 years in Australia with yet another year of record customer growth.”

“Over the past four years ING has grown its customer base by more than one million, with over 5% of Australians now nominating ING as their main bank.”

“We also have more than 2 million Orange Everyday cards in use in either customer wallets or on their mobile devices.”

“The growth of both retail deposits and retail mortgages (up 9.9% and 6.3% respectively) has been above industry average as overall customer numbers continue to climb.”

“Savings and loans are the backbone of the business, but I have been particularly pleased with the growth of our consumer lending through personal loans and the Orange One credit card.”

“We attracted more than 16,000 personal loan customers and developed a debt consolidation option – a good example of our customer-first approach to product design.”

“ING added car and travel insurance to its range of insurance products during the year, with more than 60,000 policies now protecting our customers across the insurance portfolio.”

Delivering a digital experience

Mr Sareen says customers have higher expectations than ever from their digital banking experiences.

“People want the ability to do their banking 24/7 in a simple and easily accessible way. The digital experience must be simple, faultless, effective and engaging.”

“Our mobile app drives more than 800,000 customer interactions per day. More than a third of our customers deal with us only through the mobile app; for these people the app is the bank.”

ING has maintained its number one position with the most recommended banking app+ and the most recommended website+ in the market.

“The desire for a seamless digital experience is increasingly the reason for people to change banks.”

Financially empowering our community partners

Through ING Australia’s Dreamstarter program, the bank has now helped more than 90 social enterprises grow and scale their businesses.

The Dreamstarter program helps start-up social enterprises tackle social and environmental issues.

The bank’s long-time partnership with Cerebral Palsy Alliance continues to help teenagers and young adults build life skills to equip them to be self-reliant and independent in the community.

Wholesale banking

ING continued to grow wholesale banking in Australia, with lending increasing 12% over the year.

“What’s been particularly pleasing about this growth is our increased financing of renewable energy projects like the Kiamal Solar Farm in Victoria – the state’s largest- and the Snowtown 2 windfarm in regional South Australia.”

“We aim to be a leader in sustainable finance and are committed to taking climate action by aligning our lending to the Paris Agreement goals.”

“We continue to leverage our international expertise in wholesale banking to help clients fund renewable energy, infrastructure, natural resources, power and utilities, and food and agriculture.”

ENDS

For more information please contact:

* ‘ING “Australia’s most recommended bank” according to Nielsen Consumer & Media View July 19 – December 19 (n=11403) when compared by customers of 18 other banks operating in Australia.’

+Most recommended banking app and most recommended website based on RFI data, sourced January 2020.

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value and convenience to home loans, transactional banking, superannuation, insurance, credit cards and personal loans. ING offers wholesale banking with international expertise in multiple sectors. Retail banking products issued by ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823.  ING Insurance products (Car, Home & Contents and Travel Insurance) are issued by Auto & General Insurance Company Ltd ABN 42 111 586 353 AFSL 285571 as insurer. It is distributed by Auto & General Services Pty Ltd ABN 61 003 617 909 AFSL 241411 (AGS) and by ING Bank (Australia) Ltd ABN 24 000 893 292 as Authorised Representative 1247634 of AGS. ING is a business name of ING Bank (Australia) Ltd (ING).

Media Enquiries

David Breen
Head of Corporate Affairs
0412 933 060
David.Breen@ing.com.au

Megan Landauro
Public Relations Manager
0413 317 225
Megan.Landauro@ing.com.au

ING
60 Margaret Street
Sydney NSW 2000

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ING is a business name of ING Bank (Australia) Limited ABN 24 000 893 292 AFSL/ACL 229823.
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