ICS reports 17% profit surge in 2003

THE Bank of Ireland-owned ICS Building Society has reported a 17% surge in profits as it continued to benefit from demand for house loans.

The ICS said its pre-tax surplus for the year to end December was up from €68.3 million to €79.9m on the back of a 25.6% rise in total advances and a 26.9% rise in mortgage balances. At the end of the year ICS had loaned out €3.4 billion in mortgages to customers.

The society's cost/income ratio fell 2.1% to 25.1%, though this is higher than at rivals Irish Nationwide.