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Non-major earmarks positive growth in 2019

By Grace Ormsby · March 12 2020
Reading:
egg

Borrow

Non-major earmarks positive growth in 2019

By Grace Ormsby
March 12 2020
Reading:
egg
positive growth in 2019

Non-major earmarks positive growth in 2019

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By Grace Ormsby · March 12 2020
Reading:
egg
positive growth in 2019

One of Australia’s largest non-major banks has announced its earnings are up nearly 10 per cent on the previous financial year.

ING has announced a statutory net profit after tax of $440 million for 2019.

It’s a 9.7 per cent improvement on the previous year’s results.

A statement from ING said the earnings came with another year of record customer growth — with 423,000 new customers — and a 30 per cent increase in the number of Australians treating the bank as their main bank.

Now serving 2.6 million customers, ING reported that over the year it added more than 450,000 new everyday transaction accounts, while growing retail deposits by 9.9 per cent.

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Personal loans surpassed $245 million, while the bank’s share of retail mortgages also grew, up by 6.3 per cent or $52 billion.

Commenting on the figures, ING Australia’s CEO, Uday Sareen, observed that “the growth of both retail deposits and retail mortgages has been above industry average as overall customer numbers continue to climb”.

“Savings and loans are the backbone of the business, but I have been particularly pleased with the growth of our consumer lending through personal loans and the Orange One credit card,” the CEO highlighted.

“We attracted more than 16,000 personal loan customers and developed a debt consolidation option — a good example of our customer-first approach to product design.”

Non-major earmarks positive growth in 2019
positive growth in 2019
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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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