ING Direct keeps growing

Online bank ING Direct continues to grow despite having delivered 18% growth in profit for 2007. ING had secured more than 100,000 new customers, and grew its deposit base to reach $20.2 billion. Additionally ING Direct claimed that is now ranked at “number six” in the home lending space. ING Direct admitted that funding costs had increased, usually funding was 12 basis points above the 90 Bank Bill rate, but had indicated that costs were now “five times that”.

Source: The Australian Financial Review