Ireland's third largest financial group Irish Life & Permanent reported lower operating profits for the first of 2001, but said the fall was offset by a strong performance in its core businesses.
The company said operating profit for the first six months of 2001 was 127.3 million euros, down from 146 million for the same period last year. It blamed weak investment markets and the impact of exceptional items in the previous year's accounts.
'In the first half of the year, IL&P delivered a very solid performance following from the extremely strong outturn achieved in 2000, said CE David Went in a results statement.
'Underlying product earnings in the group, excluding exceptional items, increased by 13%, a very satisfactory outcome,' he said.
IL&P said the value of new business in Ireland during the period was up 37%, with life and pension sales up 23% and mortgage lending up 12%.
The company announced an interim dividend of 13 euro cents per share.
IL&P was formed in 1999 from the merger of mortgage business Irish Permanent and insurer Irish Life. Earlier this year it bought the former state-owned TSB Bank for 430m euros.
Shares in the company closed down seven cents at 13.30 in Dublin.
