ING DIRECT has announced an 18 per cent increase in annual profit to $171.2 million for the 12 months ending 31 December 2007.
Chief executive of the bank Eric Drok said the results were very satisfying considering the challenging year the bank had faced.
“We have delivered a strong financial result in a year which saw two interest rate hikes, a once-in-a-lifetime tax-free super offer and dramatically increased wholesale funding rates due to the US sub-prime mortgage crisis,” he said.
The bank’s retail mortgage business performed particularly well over the year, with its loan book growing by 19 per cent on the previous year’s performance.
“We are now firmly positioned as a major player in mortgages, ranked at number six for home loans on balance sheet in 2007,” Mr Drok said.
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