ICS profits increase by 22%

THE ICS Building Society saw profits rise by almost a quarter last year.

The society, owned by Bank of Ireland, generated a profit before tax of €113.4 million up from €91.2m in 2004.

The increase came as new mortgage lending rose by 22% to €1.7 billion. That figure was slightly behind the 27% rise in the overall Irish private sector credit market last year.