WHILE the Irish Permanent leopard has changed its spots from building society to bank it still derives the bulk of its raw financial meat from financing purchases. Despite intense competition among capital providers, the hunting was good in the first six months of the current year, with results this week showing a 16.8 per cent surge in -pre-tax profits to £23.3 million.

With the economy buoyant and the resurgence of the housing market gathering pace, mortgage lending is a productive area of financial services. In the period to end June last the Irish Permanent advanced £246 million in new home loans, compared to £168 million previously.

The bank's push into more esoteric lending is show in the strong increase in personal and general commercial financing, which rose from £38 million to £64 million in the period under review. Profits on overall lending activities rose 9.2 per cent to £48.5 million. The savings area remains difficult but the group built up its deposit base by £75 million during the first half. The chief executive, Roy Douglas, says demand for housing finance is expected to remain strong and that the outlook for growth in mortgage lending is favourable.

Irish Permanent remains the largest provider of home loans in the Republic, with an estimated 20 per cent of the market.