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ISCOVER
Staff Reporter
Challenging market conditions have not stopped one second tier lender from recording 22 per cent growth in net profit after tax.
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Yesterday, ING DIRECT announced a net profit after tax of $161.9 million for the six months to June 30 2011.
The record half year profit was delivered with strong growth in savings and a strengthening in the bank’s financial position.
ING DIRECT chief executive officer Don Koch said the result was achieved in an environment of increased competition and a slowdown in credit growth.
“The increased profit is backed by a strengthening of the bank’s balance sheet and is evidence of ING DIRECT’s strategy of achieving sustainable growth,” Mr Koch said.
The sustainable growth strategy includes deepening customer relationships and broadening the bank’s product range.
“We specialise in offering innovative service to customers across home loans, savings and transactional account products,” Mr Koch said.
As well as a jump in profit, the lender also managed to achieve sound growth in home loans, expanding its $37 billion portfolio by $400 million over the last six months.
