The Irish Nationwide Building Society on Friday announced its results for the year ending December 31, 2000 with strong growth in all areas of its market activities.
In a statement, the building society said that pre-tax profits increased by 70% from £29.7 million to £50.6 million. Assets increased by 27% from £2,323 million to £2961 million - a record high for the society.
In a statement, Nationwide said that customer accounts grew by 15%, while its Loan Book increased by 21% from £1,740 to £21,112 million. Gross lending at the building society advanced to £746 million for the year.
Commenting on the results, Managing Director Michael Fingleton said it was particularly satisfying that the Society maintained its strong growth while containing its management costs without having to close any of its 50 branch offices or any downsizing of staff.
Referring to the housing market, he said that Nationwide believed that house prices would rise by some 10% in 2001, particularly in the Dublin region and blamed the continuing rise on the current demands for houses.
He warned, however, that the presence of foot and mouth disease in Ireland and the anticipated downturn in major world stock economies and stock markets could have a more immediate impact.
