ING Direct results boosted by deposit growth
ING Direct has reported a net profit after tax (NPAT) of $304.3 million for the 12 months to 31 December 2011, with strong growth in loans and deposits.
The NPAT result was a 10 per cent increase on the previous year and followed an increase of 12 per cent in retail deposits to $26.1 billion. Home loans grew $700 million to $37.4 billion, meaning the deposits-to-home-loan ratio rose from 57 per cent to 64 per cent.
ING Direct's regulatory capital ratio increased from 14.3 per cent to 15.9 per cent during the year and its tier 1 ratio increased to 11.3 per cent, the bank stated.
ING Direct chief executive Don Koch said the balance sheet strengthened in 2011, underpinning plans for long-term growth in the Australian market. ING Direct continued to diversify its funding mix, which would be crucial to future growth, he said.
He said the deposit growth showed small- to -medium businesses were looking beyond the big four banks.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina break down the spike in inflation numbers and what it means for the possibility of a rate cut as we move into the new year.
In this episode of Relative Return Insider, host Keith Ford and AMP economist My Bui explore Prime Minister Anthony Albanese’s trip to the US and the critical minerals deal stemming from his meeting with President Donald Trump.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
