ICS Building Society Group summary results for the year ended 31st December 2007
ICS BUILDING SOCIETY GROUP REPORTS A PRE-TAX PROFIT INCREASE OF 6% ON *RESTATED PROFIT BEFORE TAX FOR 2006
The ICS Building Society Group (consisting of ICS Building Society and Kildare Securities Ltd.), a subsidiary of the Bank of Ireland Group, today (26th March 2008) announced an increase in ICS Group pre-tax profits of 6% to €138.1 million for the year ended 31st December 2007.
ICS Group Financial Highlights 2007
| 2007 €m |
2006 €m |
% change | |
|---|---|---|---|
| Surplus Before Tax | 138.1 | 130.5 | + 6% |
| Surplus After Tax | 120.9 | 114.3 | + 6% |
| Total Income | 170.9 | 160.7 | + 6% |
| Total Costs | (31.6) | (30.4) | + 4% |
| Cost Income Ratio | 18.6% | 19.1% | – 0.5% |
| Impairment Losses | (1.1) | 0.1 | N/A |
| €bn | €bn | ||
| Mortgage Balances – ICS | 6.5 | 6.3 | + 4%*** |
| Mortgage Balances – ROI (Bank and ICS)** | 26.9 | 24.2 | + 11%*** |
| Deposits – ICS | 5.3 | 4.0 | + 31%*** |
| Total Assets – ICS | 10.2 | 8.6 | + 19%*** |
* On the adoption of FRS 23,25,26 & 29, the Society and Group’s 2006 accounts have been restated to provide meaningful comparisons.
** ICS processes mortgages on behalf of Bank of Ireland ROI.
*** The % change numbers above are calculated based on the unrounded numbers.
ICS Building Society’s Managing Director, Mr. Joe Larkin, said:
“I am pleased to report another satisfactory performance for the Society. The performance was achieved against a backdrop of increased competitor activity and a slower economic environment. I believe that our success has been driven by our ability to deliver consistently high levels of customer service together with competitive, innovative products that meet the needs of each market segment that we serve. The quality of the business we complete continues to be excellent across all segments of our book.
I am delighted to report a more than satisfactory 31% increase in the ICS Group’s deposits from €4,019m to €5,259m. The ICS Group’s mortgage book increased by 4% to €6,492m. The ICS Building Society’s liquidity ratio is 50%, which is well in excess of the requirements of the Central Bank and the Financial Services Regulatory Authority of Ireland. The ICS Building Society is well funded from the very successful Mortgage Backed Securitisation, Kildare Securities Ltd., coupled with the strong inflows from customer accounts and the lines of credit available to the Society from it’s parent, The Bank of Ireland Group. The capital ratios in the Society are very strong with Tier 1 capital at 14.34% and total capital of 19.01%.
Customers have chosen the Society’s competitive savings and investment products in large numbers as these products are supported by the strength and security of the Bank of Ireland and accessible through the Group’s extensive branch network”
The principal features of the 2007 results for ICS Building Society Group are:
- Mortgage book up 4% to €6.492bn
- Deposit book up 31% to €5.259bn
- Total Income up 6% to €170.9m
- Total Costs up 4% to €31.6m
- Cost Income ratio decreased by 0.5% from 19.1% in 2006 to 18.6% in 2007
Referring to the ICS Building Society’s Group results, Joe Larkin said: “2007 was a very good year for ICS in a changing environment and this is reflected not just in the growth we achieved but also in the quality of the business. I would like to thank our customers and our staff for another successful year for ICS.”
26th March 2008
Ends
For further information:
Sharon McDonnell
Group Consumer Communications Manager
Bank of Ireland
Head Office A5
Baggot Street
Dublin 2
Tel: 01 604 3750
Mobile: 087 2269324
Email: sharon.mcdonnell@boimail.com