Irish Nationwide profits up 16%
Pre-tax profits at Irish Nationwide rose 16% from €117m to €135m last year, the building society has announced. After-tax profits increased by 12% from €96m to €107m.
Total assets were up 44% to €8.5bn and year-on-year lending grew by 33% to €2.4bn.
Irish Nationwide boss Michael Fingleton said: "We have once again achieved record balance sheet growth, record lending, record deposits and record profits despite strong competition in the financial services sector and further erosion of margins in all sectors of the market."
The building society repossessed one property in 2001 and two properties in each of the years 2002, 2003 and 2004.
Mr Fingleton said Irish Nationwide's launch in 2004 of the savings/investment product Freedom Account contributed to the growth in the building society's shares and deposit base, which increased by 38%.
Irish Nationwide also offers mortgages and commercial loans in the UK, where it said supply continues to be short of market requirements, but that it expected "after the election in the UK, large swathes of green belt land will be rezoned for future housing needs".
Mr Fingleton also said Irish Nationwide remained committed to demutualisation.
