Irish Life & Permanent said total profit after exceptional items rose to €89.7 million in the six months to June 30th from €115.2 million in the comparative year earlier period.
"Looking forward, the fundamentals of the Irish economy remain favourable for our business with continued employment growth being particularly significant," said chief executive Mr David Went.
"Demand for mortgages, protection and pension products remains strong and while the savings and investment market is more challenging than earlier in the year, we have a range of products which are particularly suitable for these conditions.
"Most importantly, our multi-channel, multi-product structure leaves us extremely well positioned to maximise all the opportunities which exist in the marketplace," he added.
In the first half of the year, the group's strong performance was buoyed by sales across all key divisions with exceptional performances in the retail life business in Ireland and the bancassurance operation in permanent tsb in particular.
Permanent tsb performed well - particularly significant given the inevitable distractions caused by the integration of the businesses of Irish Permanent and TSB Bank. That integration has progressed very successfully, said Mr Went.
"We have now fully completed the amalgamation of the two branch networks and the roll-out of the permanent tsb brand. We are well on target to achieve all the key revenue and cost synergies targets set for the merger," he explained.
As for the financial details, Irish Life & Permanent said profit on ordinary activities before taxation rose to €216.1 million from €142.9 million and the earnings per share based on operating earnings fell to 34.1 cent from 44.4 cent.
The group declared an interim dividend of 14.3 cent for the first six months of 2002. This compares to an interim dividend paid in 2001 of 13.0 cent and a full year 2001 dividend of 43.0 cent.
PA