IFG reports profit growth of 25%

Pre-tax profits at financial services group IFG grew by 25 per cent to €13.5 million the company reported this morning.

Pre-tax profits at financial services group IFG grew by 25 per cent to €13.5 million the company reported this morning.

It said revenues grew 15.5 per cent to €107 million prompting Mark Bourke to describe 2006 as a "very positive year".

Adjusted earnings per share were €16.88, compared with €12.58 in 2005.

The company said its prime mortgage business issued loans worth €1.55 billion, up from €1.44 billion in 2005. The company also reported a softening of the market at the end of 2006, which had continued this year.

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IFG also announced strong growth in the sub-prime mortgage sector which saw loans worth €224 million advanced, up from €94 million in 2005.

IFG is to pay a final dividend of 2.25 cent which, when added to the interim dividend gives a final dividend of 3.3 cent.