Portman announces 2004 interim results

KEY HIGHLIGHTS

Total assets up by 34% over the past 12 months to £15.1bn;

Profit before tax up by 11%;

A record £2.3bn new residential mortgage lending, 52% up on the previous record;

Over £309m attracted into tax free savings accounts; and

Offshore deposit balances up by 26% to £511m.

These results have been achieved against a backdrop of intense activity to deliver compliant systems and processes for Mortgage Regulation, which becomes effective on 31 October this year, a deadline that the Society is fully on course to meet.

Commenting on the results, Robert Sharpe, Chief Executive of the Portman said, "I am delighted to report a very strong set of interim results. The Society continues to deliver competitive pricing in both the residential mortgage and savings markets and we are well placed to meet the regulatory challenges that the next six months will bring. The foundations have now been laid for what, I am confident, will be another highly successful year for the Group."