Progressive Building Society optimistic as it reports £10.7m profits
Northern Ireland's largest locally owned financial institution has maintained its strong financial position in 2017 with pre-tax profits of £10.7m, it has been reported.
Last year, Progressive Building Society helped more than 1,000 people to buy their home and almost 600 to build a new home, with overall new mortgage lending of £200m.
Progressive created nine new jobs throughout the year, bringing its employment number to 176 people across its 12 Northern Ireland branches and head office.
Darina Armstrong, chief executive of Progressive Building Society, said: "Our commitment to serving our 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, together with experienced staff across our 12 branches, enabled us to grow our mortgage assets, while saving members benefited 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 our members an exemplary customer experience. Our strong presence in local communities across Northern Ireland has seen us support a range of CSR initiatives and last year over £91,000 was donated to charities, benefiting 57 organisations and further enhancing and enriching the towns in which we operate.
"Economically, there have been challenges for the local economy, primarily driven by the political uncertainty created by Brexit and the collapse of the Northern Ireland Assembly, however the Northern Ireland economy has remained resilient.
"There is continued confidence among estate agents and the wider industry and with affordability and sustainable growth, the outlook is positive for Northern Ireland's housing market in 2018 and beyond."