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.
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