ICS Building Society today reported an increase of 15.6 per cent to €65.1 million in its surplus in 2002 and said demand for mortgages remains strong.
New mortgages increased by 53.5 per cent to €931 million while the total value of ICS's mortgage book rose 29.6 per cent to €2,702 million.
Commenting on the results, Mr Joe Larkin, managing director, said the results were particularly noteworthy given increased competition in the Irish mortgage market.
Referring to the environment influencing the mortgage market in the year ahead, Mr Larkin said "While there has been some moderation in house price inflation, I expect the mortgage market to remain strong."