ING First Quarter Results
ING DIRECT Adds Record Number of Customers
Quarterly highlights for ING DIRECT Bancorp:
ING DIRECT added a record 404,000 new customers in the first quarter
Deposits for the quarter grew by $7 billion
Net income grew to $46.1 million
ING DIRECT Bancorp (Bancorp) today announced unaudited results for its first quarter ended March 31, 2006. Bancorp consists primarily of ING Bank, fsb (ING DIRECT), the nation’s fourth-largest thrift by assets. Net income for Bancorp rose 8% in the first quarter to $46.1 million, compared to $42.5 million for the fourth quarter of 2005.
Bancorp continued to see growth in net interest income, which increased 4% from the fourth quarter of 2005 to $141.4 million. ING DIRECT added 1.2 million customers year over year, to bring its total customer base to 3.8 million, an increase of 48%. Total assets ended the quarter at $59.5 billion, a 36% increase year over year and a 12% increase from the prior quarter.
Total deposits surged $7.0 billion in the first quarter, an 18% increase compared to the prior quarter end. Included in this growth was an increase in deposits in the signature product Orange Savings Account, from $34.7 billion in the fourth quarter to $41.1 billion in the first quarter. “As we began our sixth year in operation, we were pleased with the positive results achieved in the first quarter,” said Arkadi Kuhlmann, President and CEO, ING DIRECT. “We are encouraged by the addition of a record number of customers and see that despite a negative national personal savings rate, many Americans are aware of the importance of saving.” Bancorp’s positive results were achieved despite an increase in cost of funds, spurred on by the Federal Reserve raising interest rates two times within the quarter,” Kuhlmann noted. “Regardless of rate environment, we will continue to focus on providing value to our customers in the form of competitive rates to help them maximize their savings while growing the business.”
In the first quarter 2006, ING DIRECT originated 2,581 single family adjustable rate Orange Mortgages totaling $677.4 million. This represented a 45% increase in fundings from the same quarter in 2005. Additionally, the bank’s fundings for the first quarter 2006 consisted of 33% purchases (as opposed to refinances) versus 45% for the same quarter in 2005. “The cross-selling of products among our customers continues to improve in line with our expectations,” Kuhlmann continued. “Our ability to continually increase our originated loan volume speaks to the value proposition of our mortgage product. We will continue to focus on improving the borrowing experience and adding value for our customers.”
Quarterly highlights for ING DIRECT Bancorp:
ING DIRECT added a record 404,000 new customers in the first quarter
Deposits for the quarter grew by $7 billion
Net income grew to $46.1 million
ING DIRECT Bancorp (Bancorp) today announced unaudited results for its first quarter ended March 31, 2006. Bancorp consists primarily of ING Bank, fsb (ING DIRECT), the nation’s fourth-largest thrift by assets. Net income for Bancorp rose 8% in the first quarter to $46.1 million, compared to $42.5 million for the fourth quarter of 2005.
Bancorp continued to see growth in net interest income, which increased 4% from the fourth quarter of 2005 to $141.4 million. ING DIRECT added 1.2 million customers year over year, to bring its total customer base to 3.8 million, an increase of 48%. Total assets ended the quarter at $59.5 billion, a 36% increase year over year and a 12% increase from the prior quarter.
Total deposits surged $7.0 billion in the first quarter, an 18% increase compared to the prior quarter end. Included in this growth was an increase in deposits in the signature product Orange Savings Account, from $34.7 billion in the fourth quarter to $41.1 billion in the first quarter. “As we began our sixth year in operation, we were pleased with the positive results achieved in the first quarter,” said Arkadi Kuhlmann, President and CEO, ING DIRECT. “We are encouraged by the addition of a record number of customers and see that despite a negative national personal savings rate, many Americans are aware of the importance of saving.” Bancorp’s positive results were achieved despite an increase in cost of funds, spurred on by the Federal Reserve raising interest rates two times within the quarter,” Kuhlmann noted. “Regardless of rate environment, we will continue to focus on providing value to our customers in the form of competitive rates to help them maximize their savings while growing the business.”
In the first quarter 2006, ING DIRECT originated 2,581 single family adjustable rate Orange Mortgages totaling $677.4 million. This represented a 45% increase in fundings from the same quarter in 2005. Additionally, the bank’s fundings for the first quarter 2006 consisted of 33% purchases (as opposed to refinances) versus 45% for the same quarter in 2005. “The cross-selling of products among our customers continues to improve in line with our expectations,” Kuhlmann continued. “Our ability to continually increase our originated loan volume speaks to the value proposition of our mortgage product. We will continue to focus on improving the borrowing experience and adding value for our customers.”
posted by Kirby P at 1:47 PM
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