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Mortgage lending at Portman hits 5bn

Portman has revealed that gross mortgage lending increased 18% on 2005, reaching 5bn.

Its annual results for 2006 also show that residential mortgage balances increased by 19% to 16.1bn.

Robert Sharpe, chief executive of Portman, says: 2006 has been a year of outstanding success. Total assets increased by 20% to 21.3bn.

The Mortgage Works delivered pre-tax profit of 32.5m, representing over 30% of the Groups underlying pre-tax profit.

“The profits generated by this non-member specialist lending subsidiary enhance the societys ability to deliver the benefits of mutuality to members through attractive product pricing.

I think 2007 will be a challenging year for us whilst carrying out the extensive planning and integration activity required to complete the proposed merger with Nationwide.

“I am confident that the Portman Group will rise to the challenge of ensuring that the merger, if approved, proceeds smoothly.

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