New residential lending up 27% at Portman

Portman has issued its interim results for the six months ended June 30, which show a 27% year on year increase of new residential mortgage lending to 2.3bn.

The societys total assets increased 5% to 18.7bn, and savings balances increasing 6% to 12.0bn with net inflows of 439m, compared with a net outflow in the first half of 2005.

Profit before tax also increased by 13% to 44.5m.

Robert Sharpe, chief executive of Portman, says: “I am delighted that, once again, Portman has achieved an excellent set of results, both in terms of profitability and growth.

Our determination to deliver the right products to both savers and borrowers has again been highlighted, with new business volumes exceeding our natural market share in both of these sectors.

This continuing success was instrumental in convincing the board of the Lambeth that the interests of their members would be best served by joining such a society with Portmans strength, a view endorsed by the Lambeths members, who overwhelmingly approved the merger of the two societies in May.

Despite some uncertainties in respect of the economy, the prospects for the housing market remain sound, and against this background we expect another strong performance in the second half of the year.