Strong economy pushes ICS profits up 24%
30/03/2006 - 14:40:39The ICS Building Society, a subsidiary of the Bank of Ireland, has reported an increase in pre-tax profits of 24.4% to €113.4m for the year ending December 2005.
The ICS said that new mortgage advances grew by 22.1% to €1.7bn, while its mortgage book was up by 22.3% to €5.2bn.
The building society's deposit book rose by 13.9% to €3.3bn. Fees and commission receivable rose by 28% to €66.3m, which represents the growth in fee income from processing and servicing record volumes of mortgages on behalf of Bank of Ireland.
The society's cost income ratio decreased by 3% from 23.3% in 2004 to 20.3% last year.
