KEY HIGHLIGHTS
Total assets increased 5 per cent to £18.7bn;
Savings balances increased 6 per cent to £12.0bn with net inflows of £439m, compared with a net outflow in the first half of 2005;
New residential mortgage lending written of £2.3bn, an increase of 27 per cent year on year;
Profit before tax increased by 13 per cent to £44.5m; and
Proposed merger with Lambeth Building Society announced.
Portman cheif executive, Robert Sharpe, said: "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 Lambeth Building Society that the interests of their members would be best served by joining such a Society with Portman’s strength, a view endorsed by the Lambeth’s 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.”
