STROUD and Swindon building society has revealed its figures for 2004.

During the year its total assets went up 10 per cent to £2.3 billion, and there was £583 million of new mortgage lending, while savings receipts totalled £122 million. Profit after tax rose 15 per cent to £8.9 million.

Chairman Michael Bramall said: "It was a particularly demanding year during which we had to make the changes necessary for us to comply with new mortgage regulation and to compete for market share in what is an increasingly competitive market. I am delighted to report that we have been successful on both fronts.

"Competition for mortgages will remain intense. Our view of the housing market is that it will continue to slow down but we are likely to see a soft landing and not the sharp correction that some commentators predict."