Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ING mortgage portfolio now Australia?s sixth largest

Staff Reporter 1 minute read

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.

Published: 08-04-08

ING mortgage portfolio now Australia?s sixth largest
default
TheAdviser logo
default

 

more from the adviser
ASIC TA ASIC to update ACL process following security breach

The financial services regulator is working on “alternative arr...

money au ta Lenders extend cashback offers

Several lenders and their subsidiaries have extended their cashba...

ren wong N1 pivots to become SME lender

Diversified broking and non-bank lending group N1 Holdings has an...

FROM THE WEB