BKIR.L Regulatory News (BKIR)

30 Mar 2006 12:30

Bank of Ireland(Governor&Co)30 March 2006 ICS BUILDING SOCIETY SUMMARY RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2005 ICS BUILDING SOCIETY REPORTS A PRE-TAX PROFIT INCREASE OF 24% AND A STRONG START TO 2006 ICS Building Society, a subsidiary of the Bank of Ireland Group, today(Thursday, 30th March 2006) announced an increase in pre-tax profits of 24.4% to€113.4 million for the year ended 31st December 2005. Financial Highlights 2005 2005 2004 (Restated)* % change •m •mSurplus Before Tax 113.4 91.2 +24% Surplus After Tax 99.6 80.0 +25%Net Interest Income 82.7 75.3 +10%Fees and Commissions Receivable 66.3 51.8 +28%Fees and Commissions Payable 6.4 7.0 -9%Operating Expenses 24.8 23.5 +6%Cost Income Ratio 20.3% 23.3% -3% •bn •bn % change New Advances - ICS 1.7 1.4 +22% New Advances - ROI (Bank and ICS)** 6.3 5.0 +26%Mortgage Balances - ICS 5.2 4.3 +22%Mortgage Balances - ROI (Bank and ICS)** 19.3 15.3 +26%Deposits 3.3 2.9 +14%Total Assets - ICS 7.2 5.7 +25% * ICS has adopted FRS17 and the figures for 2004 have been restated forcomparisons.** ICS processes mortgages on behalf of Bank of Ireland ROI. ICS Building Society's Managing Director, Mr. Joe Larkin, said: "The Society continues to perform strongly in a competitive market place. Wecontinue to deliver strong customer service and innovative products that meetthe needs of each market segment that we serve. "The strong economic forces that underpin the market are still in place,including economic, population and employment growth and favourabledemographics. We have seen a 50 bps increase in ECB rates and we expect another50 to 75 bps increase. Rate changes have been well flagged and, in the main,offset by wage increases. As a consequence they have had little impact on thehousing market." The principal features of the 2005 results for ICS are: • New mortgage advances up 22.1% to €1.7bn • Mortgage book up 22.3% to €5.2bn • Deposit book up 13.9% to €3.3bn • Fees and commission receivable up 28% to €66.3m (This represents the growth in fee income from processing and servicing recordvolumes of mortgages on behalf of Bank of Ireland) • Liquidity ratio 28.5% • Cost : income ratio decreased by 3.0% from 23.3% in 2004 to 20.3% in 2005 Referring to the strong ICS Building Society's results, Joe Larkin said: "2005was a very strong year for ICS and this is reflected not just in the growth weachieved but also in the quality of the business. In 2005, we helped a recordnumber of people own their own homes or to purchase an investment property. Iwould like to thank our customers and our staff for another successful year forICS." Ends 30th March 2006 For further information:Sharon McDonnell, Group Consumer Communications Manager, Tel: 01 661 5933 This information is provided by RNS The company news service from the London Stock Exchange