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Staff Reporter
Strong home loan growth has helped ING DIRECT increase its net profit after tax.
According to the lender’s latest financial results, net profit after tax was $304.3 million for the 12 months to 31 December 2011 – 10 per cent up on the previous year.
The bank attributes much of this success to the $700 million growth it saw in home loans.
ING DIRECT chief executive Don Koch said 2011 was a year where the balance sheet strengthened underpinning plans for long term growth in the Australian market.
“We saw very strong growth in business deposits reflecting a strong desire of SMEs to look beyond the big four,” he said.
“We also continued to diversify our funding mix which is a key plank to facilitate future growth.
“Our customers are keen for us to expand our offerings in the Australian market and we see opportunities in a number of areas.”
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