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Portman unveils five per cent growth in assets

Portman Building Society has announced a five per cent increase in assets to 18.7bn in its interim results to June 30 2006.

The group’s savings balances increased by six per cent to 12bn with net inflows of 439m, compared with a net outflow for the same six month period in 2005.

Profit before tax also increased by thirteen per cent to 44.5m and new residential mortgage lending business increased by 27 per cent to 2.3bn.

The company also announced its proposed merger with Lambeth Building Society.

Portman chief executive Robert Sharpe said: “Our determination to deliver the right products to both savers and borrowers has again been highlighted, with new business volumes exceeding our natural market share in both of these sectors.”

“This continuing success was instrumental in convincing the board of Lambeth Building Society that the interests of their members would be best served by joining such a society with Portman’s strength,” he says.

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