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Portman Building Society announces 2004 results

Portman Building Society announces its 2004 annual results today, showing an overall improvement on 2003.

Portmans key achievements include growth in total assets up 10 per cent to 15.5bn, increase in pre-tax profit by16 per cent to 78.1m and record new mortgage lending up 24 per cent up on 2003 to 3.6 bn.

The society has also successfully implemented the integration of The Staffordshire, launch of Portman Direct and regulation of mortgage and general insurance.

Portman chief executive Robert Sharpe says: “2004 was a year of challenges and triumphs for the group and I am pleased to report another record set of annual results. We have continued to demonstrate our objective to thrive as a mutual by delivering consistent and fair value to our growing membership base through our products and services. Whilst delivering these benefits and growing the business, we have also maintained cost efficiency and are prudent in our risk management.”

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