Second half profit fall at ING Direct

The net profit of ING Direct in Australia fell by $22 million, or 14 per cent, in the second half of the 2009 calendar year, which is also the financial year for the bank.

Over the full year, net profit increased 45 per cent to $263.7 million.

ING published a media release last night with three financial metrics and is yet to publish its full financials or its "pillar 3" report for the December 2009 quarter.

The others were a measure of "retail savings growth" of 13.5 per cent over 12 months, though the change in deposits on the balance sheet suggests growth of less than 12 per cent.

APRA data, however, shows growth in ING Direct's deposits was eight per cent over 12 months.

The home loan portfolio increased by only one per cent over six months and only four per cent over 12 months, based on the data in the media release and the interim financials and the 2008 annual report. This is consistent with APRA data.