First Active said today it hopes to achieve earnings growth of 30 per cent in the first half of the year.
The bank said this level of growth reflects the continued strengthening of its core Irish business following its restructuring and repositioning.
The bank said taxation changes announced in the Budget in relation to residential investment property have resulted in increased activity in that sector in early 2002.
Against this growing market for mortgages First Active said it has experienced a very strong performance through its branch network with expected growth close to 50 per cent in gross new advances.
Total loan book growth is expected to be in the high single digit percentages on an annualised basis, the bank said.
First Active’s ratio of non-performing loans to total loans has continued to decline in the first half of the year, as has the level of arrears. Coverage ratios have been maintained, it added.