ING DIRECT announces record profit

ING DIRECT Australia announced a record net profit after tax of $263.7 million for the 12 months to December 31 2009, up 45% on the previous year.
 
The profit was delivered with strong growth in savings, mortgages and new customers.
 
CEO Don Koch said the outstanding result and the strength of the balance sheet had set ING DIRECT up for solid growth across savings, payment accounts and home loans in 2010. 

He added that the ING DIRECT balance sheet significantly strengthened throughout 2009 with the total retained profits reaching $1 billion.
 
"We have the financial firepower to easily fund our growth plans in the medium term," he said. 
 
ING Direct's regulatory capital ratio increased from 12.8% at the end of 2008 to 13.1% in 2009 and its tier 1 ratio increased to 8.7%.

ING DIRECT is Australia's 5th largest retail bank in savings and mortgages.

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