KThe strong growth of corporate banking and mortgage lending has resulted in slightly better results for ING in Germany. Profit before tax increased by 4 percent in 2018 to 1.32 billion euros, as the direct bank announced Thursday in Frankfurt.
The ING had recently rebuilt their German company and surrendered the familiar name ING-Diba. The new ING Germany now also includes the mortgage broker Interhyp. The previous ING-Diba has a profit before tax of 1.28 billion euros for 2018 – 1 percent more than in the previous year.
Meanwhile, the number three in Germany
In the meantime, ING has 9.3 million customers in Germany – a net 250,000 more than a year ago – making it the third largest bank in Germany after Deutsche Bank and Commerzbank. ING, which grew up with offers for day money, has been writing for years to broaden its activities. Despite record-low interest rates, it managed to increase its net interest income by 2 percent.
"The strong development of corporate banking underlines that we are fully on course to become a leading universal bank," said Nick Bue, the German boss. "In 2019 we will focus on expanding the digital offering for customers and developing small businesses to a third strong position."
In commercial lending, the credit volume increased by 17 percent to 35.9 billion euros. ING has also seen strong growth in the construction of new mortgages: the new promise for the new company rose by just over a fifth to 10.6 billion euros. The mediated building financing volume of Interhyp was 22 billion euros, compared with 19.8 billion last year.
The number grew by 18 percent to 2.5 million. This increase shows that the importance of ING in Germany as a house bank and thus as a central point of contact in financial matters increases. Customer deposits on savings accounts and payment accounts increased by approximately 4 percent to 138 billion euros.
The number of securities accounts increased by 9 percent to more than 1.3 million. The bank intends to gradually expand its advisory approach with a Robo Advisor. The goal is to expand the digital offering, especially for customers who are interested in securities. The collaboration with Scalable Capital is developing very well: at the end of 2018, customers of the bank invested more than 630 million euros via the online asset manager.