Irish Nationwide profits increase 20%

THE IRISH Nationwide Building Society has reported a 20% rise in pre-tax profits for 2003 with continued residential demand and a surge in commercial lending responsible for the growth.

The society said that profits had jumped from €97 million to €117m after a 72% rise in lending during the year.

It said that both the residential mortgage and its commercial loan book in Ireland and Britain had grown, with particularly strong demand on the commercial side. The society advanced €1.7bn last year, while its loan book grew by 20% to €4.2bn. The provision for bad debts decreased from €17m to €15m in 2003. The Society said it was satisfied with the quality of its loan book.