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Bank enjoys profit increase

Staff Reporter 3 minute read

Staff Reporter

Proving it is a true competitor to the majors, ING DIRECT managed to record a strong increase in after tax profit in the 12 months to December 31 2010.

According to a statement by the bank, ING DIRECT managed to record a net profit after tax of $275.9 million – 5 per cent more than 2009.

The lender’s chief executive officer Don Koch said the result formed part of a sustainable growth strategy to position ING DIRECT as a more full service bank.

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“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.

“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.”

In addition to its profit growth, Mr Koch said the bank also managed to significantly strengthen its balance sheet in 2010 with total retained profits reaching $1.3 billion.

“This means we have strong foundations to continue with intended product development and growth plans,” he said.

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