The Irish Nationwide Building Society has reported pre-tax profits of €77m for last year, an increase of 19% on the previous year.
Assets increased by 16% to a record €4.4 billion, while the loan book grew by 20% to €3.2 billion.
Advances last year were up 8% to just over one billion euro, while customer accounts grew by 14% to €2.4 billion.
Managing director Michael Fingleton said that an increasing proportion of the Society's profits were now being generated from the commercial side of its business.
He said it was particularly satisfying that the Society had contained costs without having to close any of its 50 branch offices or cut staff numbers.
On the housing market, Mr Fingleton said the reintroduction of mortgage interest relief and the abolition of the 9% stamp duty in the December budget had given the market a welcome boost.
'Since that time there has been a continuing strong demand by both first time buyers and investors buoyed by prevailing low interest rates and an improving world and national economy'.
'Whilst house prices have only marginally increased the Society would be concerned that if demand remains at present strong levels there may not be enough zoned land available to meet anticipated ongoing demand particularly in the Dublin area.'
Mr Fingleton expects interest rates to remain at current levels until much later in the year with the possibility then of 'only modest' increases.
