ICS pre-tax profits rise 13.6% to €128.8m

ICS Building Society, a Bank of Ireland subsidiary, reported a 13.6% annual rise in pre-tax profits to €128.8m for the year to December 31, 2006.

Over the period new loans increased 14% to €2 billion while total new advances, that included loans processed for Bank of Ireland were up 19% to €7.5bn, year on year.

Overall growth in new advances at 19% was ahead of market growth of 17% over the 12 months.