ING Australia announces 2017 results

0:01am 27 March 2018: ING Australia today announces a statutory net profit after tax of $348 million for 2017. The earnings came with record customer growth of more than 300,000 new customers and a 68% rise in the number of Australians treating ING as their main bank.

ING CEO Uday Sareen says:

“We’re proud of what we’ve achieved this year. We now have more than 410,000 Australians who use ING as their main bank and more than 850,000 Orange Everyday accounts.”

“We entered the Australian market with a pioneering online savings account and now we’re a bank that satisfies the everyday financial needs of Australians, from transactional accounts and credit cards to mortgages and superannuation.”

2017 highlights include:

• 398,499 new Orange Everyday accounts opened – bringing the total to over 850,000
• Over 300,000 new customers
• 410,000 primary bank customers – up 68% on the previous year
• Statutory net profit after tax up 18% year on year
• Total savings up 8.3% – to $39,764m
• Total loans up 9.9% – to $52,584m
• #1 Net Promoter Score (customers willing to recommend ING to family and friends)
• 40% of ING’s new customer growth in 2017 came from the referrals of other customers

Value, convenience and customer experience

“Our purpose is to help our customers to get ahead in life and in business. We do this through simple digital banking solutions that offer value and convenience.”

“As an example: In 2017 we saw our customers were increasingly travelling overseas and purchasing online from international retailers. In response, for eligible customers, we put an end to ATM fees globally and our fees for international transactions made overseas or online.”

“To make it easier for our customers to save we launched Everyday Round Up. This is a digital savings feature that helps people save money while spending by automatically rounding up loose change into a Savings Maximiser account. More than 66,000 customers activated the feature within the first 100 days and collectively saved more than $3.1m.”

“To this end we will continue to find new ways to empower our customers to achieve their financial goals.”

Serving more customers and more sectors

Wholesale bank and business lending is growing and accounting for close to a third of all new loan growth over the year.

Mr Sareen says growing business and wholesale bank lending was helping to diversify the bank’s income and loans.

“ING has global reach and expertise in wholesale lending and we plan to continue growing and serving more corporate customers in Australia in 2018 with a focus on real estate, utilities & infrastructure, metals and mining, oil and gas, telecommunications and media.”

ENDS

Notes to editors:

Media contacts

David Breen
Head of Corporate Affairs
Ph: 0412 933 060
E: david.breen@ing.com.au

Megan Landauro
PR Manager
Ph: 0413 317 225
E: megan.landauro@ing.com.au

About ING

ING changed the way Australians bank 18 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought value to home loans, transactional banking, credit cards, superannuation and wholesale banking.

ING has the highest Net Promoter Score of any Australian bank.

Australia’s most recommended bank.

Source: Nielsen Consumer & Media View July 2017 – December 2017 (n=10,550) when compared by customers of 15 other banks operating in Australia.