Financial services group IFG saw net income rise slightly to €6.6 million from €6.2 million a year ago during the first six months of 2008.
IFG said this morning that revenue declined 5.7 per cent to €58 million during the same period. This compares to revenue of €61.5 million for the first-half of 2007.
"The group has performed well in difficult market conditions. This reflects our focus on robust business models which emphasise the benefit of repeat income streams. The underlying rate of profit growth was 12 per cent which was off set by the movement in sterling," said Mark Bourke, CEO of IFG Group in a statement.
IFG's trustee and corporate services business sawan increase in adjusted operating profit from €4.3 million to €5.6 million, an increase of 29 per cent on the same period a year ago.
The group's financial services business recorded growth in the UK, however, the company is projecting a 40 per cent decrease in mortgage lending in Ireland this year and a 60 per cent fall in re-mortgaging.
IFG's other Irish Financial Services businesses delivered "a strong performance" across life, pensions and our specialist credit insurance and policy broking business, the group said.