Building society reports increase (From The Wiltshire Gazette and Herald)

Building society reports increase

STROUD and Swindon had a rise in after-tax profits.

The building society said 2004 profits were up 15 per cent to £8.9m, with assets rising to £2.3bn a ten per cent increase.

It is the UK's 15th largest building society.

Chief executive John Parker said: "We achieved strong mortgage lending in the year which reached £583m, only slightly down on the figure of £620m in 2003.

"In the context of fierce competition, a slowing mortgage market and the cost of regulation, I'm very pleased to be able to report a 15 per cent

increase in profit for the year.

"The society remains in great shape to face the challenges of what we expect to be a highly competitive market for mortgages and savings in 2005."