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Yield sags for ING

There's more evidence of the maturing of the business of ING Direct in Australia in quarterly financials published for ING Group late yesterday. ING said underlying for ING Direct in Australia and New Zealand fell to €17 million in the March 2008 quarter from €21 million in the March 2007 quarter. Client numbers increased only 10,000 over a 12-month period to 1.33 million. Deposits, according to APRA data, fell to A$17.0 billion at March 2008 from A$17.4 billion at December 2007, though up from A$16.2 billion. Mortgages were largely unchanged at €18.4 billion. ING wrote in the management commentary that conditions were "particularly challenging in the Eurozone and in Australia". The bank wrote that "net outflows in the UK and Australia [were] a result of seasonal factors."

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