ING feeling no Hayne pain
In a year when consumer dissatisfaction had a profound impact on banks, ING Australia was one of the beneficiaries, with strong growth in customers numbers and assets.The banks released its 2019 annual report yesterday, reporting that 423,000 new customers joined the bank, taking the total to 2.6 million (1.8 million active).The number of customers who describe ING as their primary bank rose 30 per cent to 833,000.The retail mortgage portfolio grew 6.3 per cent to $51.9 billion. Business loans grew 9 per cent to A$4.9 billion. Consumer lending grew three-fold from $105 million in 2018 to $301 million last year. Wholesale bank loans grew by 13.3 per cent to $5.7 billion.ING Australia chief executive Uday Sareen said in a statement that one of his goals was to diversify the bank's balance sheet and he was pleased with the growth in personal lending and wholesale lending."We aim to be a leader in sustainable finance and are committed to taking climate action by aligning our lending to the Paris Agreement goals. We continue to leverage our international expertise in wholesale banking to help clients fund renewable energy, infrastructure, natural resources, power and utilities, and food and agriculture."Retail deposit grew by 9.9 per cent to $44.8 billion.Net interest income rose 9 per cent to $1.03 billion and net non-interest income was up 125 per cent to $79 million.Profit for the year was $440 million - an increase of 9.7 per cent over the previous year.The bank's cost-to-income ratio was 40.3 per cent and its capital adequacy ratio 13.6 per cent.Another business development last year was the introduction of travel and car insurance to the product mix, through a partnership with A&G.