Magazine article American Banker

In Brief: ING Direct Profits Surge 433%

Magazine article American Banker

In Brief: ING Direct Profits Surge 433%

Article excerpt

ING Group NV of Amsterdam said Thursday that its Internet-based consumer banking operations in eight countries grew dramatically in the second quarter and were profitable in six of those countries.

Pretax profit of the operations, which operate under the ING Direct brand, soared 433.3% from the year-earlier period, to $157 million. But ING Group's own net profit dropped 12%, to $2 billion. The company attributed the decline to a one-time gain of $854 million in last year's second quarter.

The ING Direct model includes no branches and only a few kinds of accounts. It is profitable in the United States, Canada, Australia, Spain, France, and Germany, said Arkadi Kuhlmann, the president and chief executive of the U.S. operation, ING Bank FSB of Wilmington, Del. In fact, he said, versions of ING Direct made money within three years in most of those countries.

The Italian and U.K. operations are too new to turn a profit, he said. …

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