First Active released an upbeat trading statement this morning.
It indicated it would report that half-year profits would grow by high single digits on strong volume growth, with margins remaining stable over the period.
First Active said residential mortgage advances grew by 35 per cent on the same period last year. It added that the housing market remains very healthy, with statistics showing 17.7 per cent annualised growth in the mortgage market in the first four months of 2003.
The group said operating cost growth is expected to be in line with Irish inflation.