Progressive committed to building local society

Northern Ireland’s largest locally owned financial institution, Progressive Building Society has announced its financial results for 2016 with mortgage lending increasing by 11% to £205million.

The mutual has maintained its solid financial position with post-tax profits of £9.4million and the creation of 14 new jobs across the business last year.

Darina Armstrong, Chief Executive of Progressive Building Society commented, “While the local economy faced uncertainty throughout 2016, the rate of growth was better than many had predicted and this was reflected through another strong financial performance from the Society. Across our branches mortgage lending has increased, helping people buy, build, and improve their homes, which has contributed to the local market and the wider economy. Our savings balance also grew by £62million which has been achieved by offering some of the best rates in a very competitive marketplace.

“Over the last year we have continued to re-invest in our branches, staff training and new products to meet the needs of our Members and our growing customer base. Throughout the year we remained committed to supporting and contributing to the local community. We donated £91,000 to charity in 2016, benefitting over 70 local and regional worthy causes.

“The impact of Brexit has yet to be felt but despite this, the economic fundamentals reflect the opportunity for sustainable growth with affordable housing, low unemployment and historically low mortgage rates.

“Progressive is looking forward to the future with confidence and we will continue to operate as we always have – as a traditional building society, offering good value savings and mortgage products and excellent customer service for the benefit of all our Members.”