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Pre-tax profits hit £33m at Portman

Portman, the UK&#39s fourth largest building society, has announced its total assets under management have increased by one fifth, with pre-tax profits up 6% to £33m.

In its interim results, Portman revealed its total assets now exceed £11bn, with gross new mortgage lending of £1.5bn – up 8% on 2002 – and net mortgage lending some 50% ahead of the group&#39s natural market share.

Meanwhile profits from non-conforming subsidiary Sun Bank are up 18%.

Portman chief executive Robert Sharpe says: “I am delighted to present yet another excellent set of interim results, which confirm the competitiveness of our products for both savers and borrowers. Our members clearly appreciate good value and quality service, which is why we are able to consistently punch above our weight in terms of market share.

“These results follow the recent announcement of our intention to join with the Staffordshire in a ground-breaking merger that will benefit the members of both societies and help us continue to deliver competitive products and services as an enlarged mutual.”

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