Fewer customers for ING Direct

Ian Rogers
The dynamics and profitability of ING Direct may be taking a turn for the worse in Australia if the highlights published in the quarterly profits of ING Group overnight are any guide.

The quarterly financial report shows that client numbers fell 14 per cent in only three months to 1.3 million at December 2007. There's no explanation for the fall, though savings and mortgage balances increased slightly over the quarter (to €12.0 billion and €18.0 billion respectively).

The underlying profit for ING Direct for the December 2007 quarter was €15 million, down from €21 million in the December 2006 quarter.