Record year for Progressive

CEO Darina Armstrong
CEO Darina Armstrong

Progressive Building Society, Northern Ireland’s largest locally owned financial institution posted an 8% rise in profits in 2015.

The society said a rise of more than 21% in mortgage lending to £185 million had helped push profits to £11.1m.

The Society’s success has seen it create 17 new jobs across the business last year and continue to invest in its 12 strong branch network.

“2015 has been Progressive’s most successful year to date, having delivered a very strong set of financial results that highlight exemplary performance in key markets, we have maintained a well-structured balance sheet and have improved our gross capital position to over £100m compared to £89m last year,” said chief executive Darina Armstrong.

“The recent development and increase in our market share has been supported by a renewed confidence in the Northern Ireland housing market over the last 12 months.

“At Progressive we remain committed to investing in and supporting our branch network which is integral to our growth and development.”

The high street investment programme and increase in employment represented a strategy of growing business by directly engaging with customers in branches across the province she said.

“We remain committed to and are passionate about our branch network and the role our staff play in communities across Northern Ireland.

“At Progressive we are also committed to supporting, enhancing and enriching the communities in which we operate and last year we donated £85,000 to 14 different charities with a further £26,000 raised by our staff.

“2016 is shaping up to be another busy year for Progressive, next month we will launch an exciting new partnership with Ulster University 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.”