ICS Building Society today reported a surplus before tax of euro 48.8 million for 2000, up 6.3 per cent on 1999.
The Bank of Ireland's mortgage subsidiary described its growth rate as "very satisfactory" in a highly competitive mortgage market.
New mortgage advances rose by 21.5 per cent to euro 606 million against a market average of 17 per cent last year.
ICS said its estimated share of the new mortgage market went from 7.1 per cent to 7.3 per cent. When combined with Bank of Ireland's growth in the mortgage market, the Bank of Ireland Group has 25 per cent share of the Irish new mortgage market.
The building society said bad debt was still low. Arrears as a percentage of the mortgage book keep falling and stand at 0.18 per cent, down from 0.23 per cent in 1999.
ICS managing director Mr Brian Forrester, speaking at the announcement of the results, said it had made a strong start to the year with new mortgage drawdowns for January and February showing a rise of 22 per cent on the same period in 2000.