Profits increase for Irish Life
Irish Life and Permanent have announced an increase in profits for the first six months of this year.
Total profit after tax was €220m, a 21% increase on the €182m reported in 2004.
Commenting on the results David Went, group chief executive, said: "The strong momentum which built up in all our core businesses in 2004 continued through the first half of 2005 when sales growth in all our business lines was extremely strong.
"New lending was up 13%, life and investment sales increased 33% with retail life sales ahead 24%, while investment inflows, on the back of prolonged superior investment performance were ahead 123% to €750m.
"Particularly pleasing was the very strong growth in new business earnings in our life business which were up 61% on an EV basis while the 8% growth in net interest income within our banking business was satisfactory.
Overall the strong first half and the continued momentum with the business leaves us well placed for a successful full year outcome."
