Progressive posts £9.4m profit as lending rises by 11%

CEO Darina Armstrong
CEO Darina Armstrong

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

“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,” said CEO Darina Armstrong.

“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 £62m which has been achieved by offering some of the best rates in a very competitive marketplace.”

In the past year she said the business had continued to re-invest in branches, staff training and new products.

“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.”