Portman residential lending up on last year

Portman last week revealed interim results for 2005 showing residential lending up by 37% on the second half of 2004.

Total assets were up by 7% to £16.5bn in the first half of the year and total profit before tax was a record £39.3m.

Robert Sharpe, chief executive of Portman, says: “I am pleased to report another excellent set of interim results. Following the successful implementation of regulation and despite the fall in the number of housing market transactions, our lending volumes have risen by 37% compared with the final six months of 2004.

“I am confident the group will achieve its profit and capital targets for 2005.”