21st Sep 2005 07:00
Portman Building Society21 September 2005 PORTMAN BUILDING SOCIETY PRESS RELEASE For Immediate Release 21 September 2005 PORTMAN ANNOUNCES 2005 INTERIM RESULTS Portman Building Society today issued its interim results which show a strongstart to the year and demonstrate its continued success as the UK's thirdlargest building society. KEY HIGHLIGHTS • Total assets up 7% in the first half, to £16.5bn; • Record profit before tax of £39.3m; • New residential mortgage lending up 37% on the second half of 2004; and • Management expenses ratio down to 0.74%. Commenting on the results, Robert Sharpe, Chief Executive of Portman said, "I ampleased to report another excellent set of interim results. Following thesuccessful implementation of Mortgage Regulation, and despite the fall in thenumber of housing market transactions, lending volumes have increased by 37%compared with the final six months of 2004. I am confident that the Group willachieve its growth, profit and capital targets for 2005." -ENDS- Editor's notes: • The Interim Results, which have been prepared, for the first time, under International Financial Reporting Standards, accompany this press release. To view, please click or copy the following link into your web browser http://www.rns-pdf.londonstockexchange.com/rns/5118r_-2005-9-20.pdf • Portman Group consists of: i. Portman Building Society is the third largest UK building society and 13th largest UK mortgage lender. In the five years since 2000, Portman has more than doubled in size. During this period Portman was the fastest growing top ten building society by the three key measures of total assets, mortgage balances and savings under management. The Society's assets now exceed £16.5 billion and the Society and its subsidiaries employ over 2,000 staff serving 1.8 million members. Currently, the Society has a total network of 146 branches. The Society's Head Office is in Bournemouth, Dorset and it has an administration centre based in the West Midlands. ii. The Mortgage Works (UK) plc (formerly Sun Bank plc) is a specialist mortgage lender which has been operating in the mortgage market for the last 15 years. Its product range, available through brokers, includes; self-certification, buy-to-let and adverse credit. iii. Portman Channel Islands Ltd is based in the Bailiwick of Guernsey and, as the offshore deposit taking subsidiary of Portman Building Society, offers a safe home for its investors' money together with friendly and efficient service. Further comment from the Society's Executive Team on the interim results can bearranged by contacting the Press Office. A selection of photographs is alsoavailable. Readers requiring further information about any of the products or servicesoffered by the Portman Group should visit their local branch of the Portman orcall 0845 60 90 600 for details. Information can also be found by logging ontowww.portman.co.uk For further information please contact:Lynsey HallamPress Officer01202 56225607887 830000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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