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Citi Fun 29 | LSE:BP19 | London | Medium Term Loan |
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RNS Number:9035Q Portman Building Society 4 February 2002 The following replaces the announcement released today at 07:00 under RNS No. 8922Q. In the paragraph below "Benefits for new and established customers included:" the name Robert Sharps should have read Robert Sharpe. All other details remain unchanged. The full corrected version appears below. PORTMAN REPORTS RECORD YEAR AS NEW RESIDENTIAL LENDING HITS £2 BILLION AND ASSETS SOAR BY 32% Competitive products and acquisition of Sun Bank plc boost assets to £9 billion Portman, the UK's fourth largest building society, reports exceptional results for 2001, demonstrating its continued success as an independent mutual organisation. • £30 million returned to members, showing the benefits of remaining a mutual • Total assets up by 32% to £9 billion • New residential lending of £2 billion - a record performance and one-third ahead of natural market share • Net residential lending of £900 million - 50% above natural market share • Net retail receipts of £676 million - 50% above natural market share • Net interest margin reduced from 1.28% to 1.22%, reflecting the Society's competitive product pricing • £135 million new capital raised • Costs efficiently contained - management expenses ratio down from 0.85% to 0.82% • A 9% increase in pre-tax profits to £59 million. Commenting on the Society's performance, Robert Sharpe, Chief Executive says, "These results provide indisputable evidence of our continued success in the retail savings and residential mortgage markets. Despite the challenges presented by this year's economic environment, we remained competitive for both savers and borrowers." "The acquisition of Sun Bank plc during 2001 is a significant achievement and will enable us to enter new segments of the mortgage market using their expertise and competitive products. Portman members will benefit from the additional profits the bank will generate." Some examples of how Portman has moved forward in 2001: • Improvements to the way in which customers can communicate with us: • Continued commitment to our branch network • Introduction of a mobile branch service in Devon • Expansion of our head office Contact Centre team, dealing with telephone, e-mail and postal enquiries • Redevelopment of our internet site, to improve on-line facilities and communication • Invitation to all of our members to give us their views through the 2001 AGM mailing - resulting in more than 66,000 responses • Introduction of regular meetings with members to encourage face to face dialogue with our senior management. • Benefits for new and established customers included: • The introduction of a Rollover Bond, for existing members only, with 40,000 people taking advantage of this product and depositing a total of £230 million in only 6 weeks • The launch of a new telephone sharedealing service • The achievement of Investors in People accreditation, which is further evidence of the Society's commitment to training, developing and retaining its people to ensure a high standard of customer service. Robert Sharpe continued: "We believe strongly in transparency and member participation. The views of our members continue to help us decide on new business initiatives. We remain committed to retaining our mutual status, as we believe this to be in the best interests of members, both savers and borrowers." "At the end of December, Tim Tanner, who had advertised and co-ordinated support from 400 members through a website, submitted a valid Director Nomination Form and will stand as a candidate for director of the Society. It has long been the Society's policy that candidates for election should have relevant experience and skills. Our members will have the opportunity to decide whether Mr Tanner is appropriately qualified in this regard", he concluded. Notes to Editors: During 2001, the Society was named Dorset's Business of the Year and was awarded the Mortgage Finance Gazette Arts Award for its support of the Bournemouth Symphony Orchestra. Portman also achieved mortgage-related awards from independent magazines. Based in Bournemouth, Portman serves over one million members through a network of over 100 branches, based predominantly in the south of England. Portman's website can be located at www.portman.co.uk and provides a wide range of information about the Society's products and services. The Group Income and Expenditure Account, Balance Sheet and Cash Flow Statement follow this press release. For further information please contact: Robert Sharpe or Glyn Smith Chief Executive Group Finance Director 01202 563603 01202 563607 GROUP INCOME AND EXPENDITURE ACCOUNT for the year ended 31 December 2001 2000 £m £m % Change Net interest receivable 92.0 84.0 10% Other income and charges 29.6 26.7 11% Total income 121.6 110.7 10% Administrative expenses (61.9) (55.7) 11% Operating profit before provisions 59.7 55.0 9% Provisions for bad and doubtful debts (0.7) (0.7) - Profit before tax 59.0 54.3 9% Taxation (18.2) (16.9) 8% Profit after tax 40.8 37.4 9% Financial ratios: Profit after tax as % of mean total assets 0.54% 0.57% Management expenses as % of mean total assets 0.82% 0.85% GROUP BALANCE SHEET as at 31 December 2001 2000 £m £m % Change ASSETS Liquid assets 1,898 1,507 26% Mortgages 6,952 5,240 33% Other loans 65 - - Fixed and other assets 131 95 39% Total assets 9,046 6,842 32% LIABILITIES AND RESERVES Shares 6,799 5,884 16% Borrowings 1,585 502 216% Other liabilities 72 42 71% Subordinated debt 130 55 136% Subscribed capital 60 - - Reserves 400 359 11% Total liabilities and reserves 9,046 6,842 32% Movements: Net investors inflow 676 709 -5% Gross residential lending 1,993 1,248 60% Financial ratios: Liquid assets 22.6% 23.6% Gross capital 7.0% 6.5% Solvency 13.6% 12.8% Tier 1 capital 10.2% 10.7% CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2001 2000 £m £m Net cash inflow from operating activities 343.6 205.2 Returns on investments and servicing of finance (4.3) (3.8) Taxation (16.7) (19.0) Net financial investment (387.2) (207.6) Net capital expenditure (23.9) (16.9) Acquisition Purchase of subsidiary undertaking (93.8) - Net cash acquired with subsidiary 46.8 - Financing 135.0 - Decrease in cash (0.5) (42.1) NOTES TO THE FINANCIAL INFORMATION for the year ended 31 December 2001 1. The financial information set out above, which was approved by the Board on 1 February 2002, does not constitute accounts within the meaning of the Building Societies Act 1986. 2. The financial information has been prepared on the basis of the accounting policies adopted by the Society and set out in the Annual Accounts to 31 December 2001. 3. The financial information for the years ended 31 December 2001 and 31 December 2000 has been extracted from the Annual Accounts for those years. Annual Accounts for the year ended 31 December 2000 have been filed with the Building Societies Commission and those for the year ended 31 December 2001 will be filed with the Financial Services Authority following publication. The Auditors' Reports on the Annual Accounts for the years ended 31 December 2001 and 31 December 2000 were unqualified. 4. On 30 November 2001, the Society acquired Sun Bank plc for a purchase price of £91.7 million. The costs of acquisition were £2.1m. This information is provided by RNS The company news service from the London Stock Exchange
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