IFG reports sharp increase in first-half profits

Financial services group IFG has posted strong first-half pre-tax profits of over €7 million in an increase of over 60 per cent…

Financial services group IFG has posted strong first-half pre-tax profits of over €7 million in an increase of over 60 per cent on the same period last year.

Revenues at the group grew from €42.5 million a year ago to €50.8 million.

IFG said it had performed as expected after an improvement in its underlying business.

Earnings per share came in at 8.9 cent, and IFG has announced an interim dividend of 1.05 cent.

READ MORE

Mortgages brokered by the Irish business increased 19 per cent to €766 million. However, a fall in sales at the Irish title insurance business meant that profits in the Irish mortgage and title division were flat at €1.8 millon.

IFG said trading at its UK division remained challenging and profits failed to grow.

IFG's Irish financial services businesses had a profit of €500,000, compared to a loss of €400,000 12 months ago.