Business

Progressive Building Society lends £200m for new mortgages amid 'strong market'

Progressive Building Society reported pre-tax profits of £10.7 million in the last year, in which it had overall new mortgage lending of £200 million.

THE north's largest locally owned financial institution Progressive Building Society maintained its strong financial position in 2017 with pre-tax profits of £10.7 million.

New figures show that last year it helped more than 1,000 people buy a home and nearly 600 to build a new home, with overall new mortgage lending of £200 million.

The mutual society also created nine new jobs throughout the year bringing its employment number to 176 people across its 12 Northern Ireland branches and head office.

Progressive Building Society chief executive Darina Armstrong said: “Our commitment to serving members in communities across Northern Ireland is the bedrock of our business and has seen us maintain a strong financial position for many years.

"This approach has enabled us to grow our mortgage assets, while savers benefitted from rates equal to or above the Bank of England's base rate throughout the year.

“In 2017 we invested in our IT infrastructure and continued to focus on the development of our staff to ensure we offer members an exemplary customer experience.

"Our strong presence in local communities has seen us support a range of CSR initiatives and last year over £91,000 was donated to charities, benefitting 57 organisations."

Ms Armstrong added: “Economically there have been challenges for our economy, primarily driven by the political uncertainty created by Brexit and the collapse of the Assembly, yet the Northern Ireland economy has remained resilient.

"There is continued confidence among estate agents and the wider industry, and with affordability and sustainable growth in housing, the outlook for the market in Northern Ireland is positive for 2018 and beyond.”

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