Borrow
Non-major earmarks 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.
Non-major earmarks 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.
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.”
About the author
About the author
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
‘There’s no shame in deferring payments’
Deferring mortgage repayments is “a lesser evil” than having to sell property in the current market if you can hold off, a mortgage broker has advised. ...Read more
Banking
Standing on the shoulder of giants: How Australia’s fintechs can tap into open source
Australia has developed a vibrant fintech scene, which, in one year alone, grew by a staggering 37 per cent. The surge has ushered in a new era of financial products and services, from fully online ho...Read more
Banking
Billion-dollar bank blowout for fees for no service
To date, six of Australia’s largest financial institutions have reported a need to return more than $1 billion in compensation to customers who suffered as a result of fees for no service or non-com...Read more
Banking
Are bank branches becoming a thing of the past?
Banking may never be the same post-pandemic, with a new survey showing Australians have made some pretty drastic changes to the way they use and move money. ...Read more
Banking
Banks to extend COVID-19 loan deferrals beyond ‘September cliff’
Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, as creditors try to avoid the September cliff. ...Read more
Banking
Got a problem with your financial service provider? It’s worth complaining
More than 80,000 complaints have been filed with the Australian Financial Complaints Authority in the past 12 months alone, which has led to the recuperation of more than $250 million in compensation ...Read more
Banking
The Consumer Data Right is now live: What does this mean?
With the permission of a customer, banks are now be able to share consumer data with other banks, thanks to the Consumer Data Right system. So, how will this system actually benefit Australians? ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
‘There’s no shame in deferring payments’
Deferring mortgage repayments is “a lesser evil” than having to sell property in the current market if you can hold off, a mortgage broker has advised. ...Read more
Banking
Standing on the shoulder of giants: How Australia’s fintechs can tap into open source
Australia has developed a vibrant fintech scene, which, in one year alone, grew by a staggering 37 per cent. The surge has ushered in a new era of financial products and services, from fully online ho...Read more
Banking
Billion-dollar bank blowout for fees for no service
To date, six of Australia’s largest financial institutions have reported a need to return more than $1 billion in compensation to customers who suffered as a result of fees for no service or non-com...Read more
Banking
Are bank branches becoming a thing of the past?
Banking may never be the same post-pandemic, with a new survey showing Australians have made some pretty drastic changes to the way they use and move money. ...Read more
Banking
Banks to extend COVID-19 loan deferrals beyond ‘September cliff’
Australia’s banks will now extend loan deferrals for another four months for customers who have been impacted by COVID-19 pandemic, as creditors try to avoid the September cliff. ...Read more
Banking
Got a problem with your financial service provider? It’s worth complaining
More than 80,000 complaints have been filed with the Australian Financial Complaints Authority in the past 12 months alone, which has led to the recuperation of more than $250 million in compensation ...Read more
Banking
The Consumer Data Right is now live: What does this mean?
With the permission of a customer, banks are now be able to share consumer data with other banks, thanks to the Consumer Data Right system. So, how will this system actually benefit Australians? ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
