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Heritable Bank reports mortgage book growth

Heritable Bank has reported a 45% increase in its mortgage book in 2006.

Its 2006 results also reveal an unaudited pre-tax profit up 43% at 10.7m compared to 7.5m for 2005.

The UK specialist banking arm of the Icelandic bank, Landsbanki Islands, has declared its assets stand at 877m, an increase of 40% for the year.

It has also announced customer deposits are up by 44% to 714m, while the mortgage book has increased by 45%.

Its structured property finance book is up by 27% and it has a pre-tax operating return on equity of 24%.

Mark Sismey-Durrant, chief executive of Heritable Bank, says: Performance for 2006 has been extremely pleasing for the banks operations.

Heritable has significantly increased the scale and diversity of its operations during the year, resulting in both higher profitability and return on equity.

In addition, the bank has performed major strategic roles for the Landsbanki Group in the UK and invested in infrastructure and people in 2006 – this will further enhance performance during the course of 2007.

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