Dutch financial services group ING is reporting a strong set of results from its global Internet banking business ING Direct, where second quarter operating profit rose to EUR128 million from EUR24 million a year ago.
The performance of the Internet banking business set the seal on a sparkling set of results for ING, which posted a 38% rise in second-quarter group core profit.
Speaking to analysts, CEO Michel Tilmant says ING Direct has gone from strength to strength, adding an additional 1.5 million customers in the first six months of 2004.
With ten million customers in eight countries, the business recorded first half profitability in six territories.
Tilmant says he expects ING Direct to be profitable in seven countries by year end, and that the British business will move out of the red "soon after".