ICS Building Society today said that 2000 was another record year for the society. It reported a surplus before tax of 48.8 million euros for the year ending December 31, 2000 - up 6.3% on the figure of 45.88 million euros in 1999.
The ICS, which is part of the Bank of Ireland Group, said that its mortgage book grew by 24% to 1,685 million euros. New mortgage advances increased by 21.5% to 606 million euros.
Fees and commission increased to 22.2 million euros for the year, an increase of 25%. This represents the growth in fee income from procession and servicing record volumes of mortgages on behalf of the Bank of Ireland Group.
The cost/income ratio increased to 32.5% in 2000 from 31.4% in 1999. In a statement, the society said this reflected the impact of significant investment in IT infrastructure required to manage the growth of ICS's business, as well as preparing for the introduction of the euro.
ICS's retail chain, the Mortgage Store network, recorded a strong year of growth, the society said. A new store opened in Blackrock, Co Dublin with at least one new store opening planned for 2001.
Commenting on the results, ICS's MD Brian Forrester said: 'Our commitment to provide new and existing customers with a superior level of service is central to the society's growth strategy. A clear indicator that this policy is effective is the significant growth in new business and the fact that in 2000, the society was voted Best Residential Lender by the Independent Mortgage Advisors Federation, supported by the Irish Brokers Association.'
ICS has made a strong start to 2001, with new mortgage drawdowns for January and February showing an increase of 22% on the same period in 2000, the society said. Its estimated market share of new mortgages is 7.3% - up from 7.1% in 1999.
