ING Direct profits rise 50 percent, targets SMEs
(6 April 2004 – Australia) ING Direct has announced a post tax profit of $77.9 million for 2003 after deposits rose by 50 percent to $11.4 billion on the back of 200,000 new customers joining the bank.
ING Direct said it saw strong growth in its deposit base and loan book in 2003, saying its no bank fees, high interest rate model gave customers the incentive to save.
The bank said it had paid out more than $1 billion in interest to customers in its five year history.
Total loans and advances in the bank’s mortgage division rose by more than 50 percent last year, from $8.7 billion to $13.4 billion.
The bank also announced it would be targeting Australian businesses and trusts with a new product – ING’s fourth in this market – that offered a high variable interest rate and the guarantee of no bank fees.
"The Business Optimiser, similar to the successful Savings Maximiser, has been introduced to meet a strong demand by small to medium sized businesses and trusts," ING Direct chief executive Vaughn Richtor said.
"We know that to survive and thrive, small businesses need to reduce as many costs as possible and that includes bank fees," he said.
The bank said it had paid out more than $1 billion in interest to customers in its five year history.
Total loans and advances in the bank’s mortgage division rose by more than 50 percent last year, from $8.7 billion to $13.4 billion.
The bank also announced it would be targeting Australian businesses and trusts with a new product – ING’s fourth in this market – that offered a high variable interest rate and the guarantee of no bank fees.
"The Business Optimiser, similar to the successful Savings Maximiser, has been introduced to meet a strong demand by small to medium sized businesses and trusts," ING Direct chief executive Vaughn Richtor said.
"We know that to survive and thrive, small businesses need to reduce as many costs as possible and that includes bank fees," he said.
Subscribe