ICS Building Society reports pre-tax profit rise

ICS Building Society, a subsidiary of the Bank of Ireland Group, today announced an increase in pre-tax profits of 13.6% to €128.8m for the year ended December 31, 2006.

ICS Building Society's Managing Director, Mr Joe Larkin, said: "The strong performance was achieved against a backdrop of increased competitive activity.

"The society achieved a market share of 4.9% in 2006, with a particularly strong last quarter, winning 5.2% of new mortgage lending.

The society's new mortgage lending increased by 14% from €1,722m in 2005 to €1,963m in 2006.

"When combined with our owner Bank of Ireland we continue to have the largest share of mortgage lending in Ireland," Mr Larkin said.

"The housing market in 2006 was underpinned by strong economic drivers, with strong population growth and employment levels driving demand.

"The value of new mortgage lending grew to €40bn in 2006, up 17% on 2005.

"Towards the end of the year we saw growth levels slowing down as increasing ECB rates impacted market activity."