First Active has predicted that its basic earnings per share will grow around 30% in the six months to June 2002, compared to the same six month period a year ago.
'This level of growth reflects the continued strengthening of our core Irish business following its restructuring and repositioning', First Active said in a trading statement today ahead of its close period.
First Active said it had experienced a very strong performance through its branch network for residential loans with expected growth close to 50% in gross new advances. In overall terms, the lender said it expects low single digit growth in gross new advances over the same period in 2001.
'We have continued our selective approach to commercial property-backed lending and gross new advances are expected to be level with the same period in 2001,' the statement said.
The lender said that its other income is also expected to have grown as a result of the increased focus it had placed on fee income generation. 'In the first half of 2002, we expect that this will result in a percentage growth in the low teens over the first half of the year,' it added.
First Active will announce its results for the six months to the end of June on July 25.
First Active shares had slipped by 18 cent to stand at €5.12 in Dublin by by 4pm.
