Mortgage lending book rises above the rate of system growth
Non-major bank ING Australia has reported significant growth in its 2023 financial report, with net profit after tax up by 11% to $654 million and operating result up by 17% to $978 million.
The bank saw a 3.9% increase in loans, reaching a total of $73.9 billion. This growth includes a $3.3 billion increase in mortgages, a 19% rise in consumer loans to contribute an additional $0.1 billion, and a 3% increase in Wholesale Bank adding $0.3 billion.
Savings held by the bank also experienced growth, with total savings reaching $50.4 billion, up by 3.7% from the previous year.
ING Australia said its customer base expanded, with total active customers rising by 83,000 to 2.23 million, a 3.9% increase. The number of primary bank customers climbed by 58,000, marking a 5.7% growth and reaching a total of 1.1 million.
Read more: ING names head of home loans
“Our 2023 results show we were able to successfully grow our business across a number of key metrics while supporting customers as Australia’s most recommended bank,” said Melanie Evans (pictured), chief executive of ING Australia. “Importantly, we continued our strong retail customer growth with more Australians than ever choosing ING as their main financial institution.
“We were also pleased to help many Australians achieve their home ownership ambition, increasing our mortgage lending book above the rate of system growth.
“This success comes from leveraging our world-class global sector expertise, our credibility as sustainability pioneers and our local product and coverage bankers.
The bank plans to further invest in technology, data, and customer experience initiatives to support continued growth and customer satisfaction.
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