ING Direct Australia announced this morning a net profit after tax of $271.5 million for the 12 months to 31 December 2013.
Over last year, ING’s deposit to loan ratio increased from 69.9% to 76.4%, with risk costs normalised at $12.5m.
ING has been focussing on becoming a primary bank for customers by growing the numbers of customers with multiple products.
CEO Vaughn Richtor said the bank has been progressively strengthening the balance sheet by improving the level of customer deposits. With more than 1.5m customers, the total customer deposits grew over last year by 9% or $2.6b.
“Our strategy is very clear, we are transitioning into a primary bank for our customers and focusing on building that relationship with customers, not simply growing assets,” Richtor said.
The bank recorded a 13.7% total capital ratio, with a competitive cost to income ratio of 35.1%.
ING has also maintained a focus towards growing branded home loans, the bank said.
