Profits increase for Irish Life

Irish Life and Permanent have announced an increase in profits for the first six months of this year.

Irish Life and Permanent have announced an increase in profits for the first six months of this year.

Total profit after tax was €220m, a 21% increase on the €182m reported in 2004.

Commenting on the results David Went, group chief executive, said: "The strong momentum which built up in all our core businesses in 2004 continued through the first half of 2005 when sales growth in all our business lines was extremely strong.

"New lending was up 13%, life and investment sales increased 33% with retail life sales ahead 24%, while investment inflows, on the back of prolonged superior investment performance were ahead 123% to €750m.

"Particularly pleasing was the very strong growth in new business earnings in our life business which were up 61% on an EV basis while the 8% growth in net interest income within our banking business was satisfactory.

Overall the strong first half and the continued momentum with the business leaves us well placed for a successful full year outcome."

More in this section

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up