First Active, formerly First National Building Society, said today it expects core operating profit for 2002 to rise by about 20 per cent as strong growth in the Irish residential housing market boosts mortgage loan affordability.
It said it expects high single-digit percentage growth in gross new advances for the year in the residential sector, while gross new advances on commercial property is expected to be about 15 per cent lower than 2001 as it continues its "selective approach" in the sector.
It expects low double-digit percentage loan book growth for the year and high single-digit percentage growth in net interest income when compared to 2001.
First Active said general conditions in the savings and investment markets have been difficult during the year as a result of low interest rates and weak equity markets.
AFP