Progressive Building Society has released its financial results for 2014 announcing that its new mortgage lending has increased 30% to £153 million reflecting the increased confidence in the Northern Ireland housing market.

The building society which will hold its 100th AGM later this month, announced post-tax profits of £9.85 million and new retail savings of £278 million an increase of 19% compared to 2013.

Darina Armstrong, Chief Executive Officer said, “Progressive Building Society has delivered a very strong set of financial results which builds on the growth in mortgage balances we have harnessed over the last three years. In what was our centenary year, a key milestone for the business, we have achieved an excellent performance in our core markets, maintaining a well-structured Balance Sheet with total savings balances of £1,425 million, an increase of 6%. The last 12-18 months have shown a return to sustainable growth in the housing market as consumer confidence returns and the 30% increase in new lending is a reflection of the continued growth in the market with our savings balance also growing steadily. We also have one of the best efficiency ratios in the building societies’ sector with a management expenses to average assets ratio of 0.63%.

“In 2014 we continued to invest in the high street with over £1million spent in the second quarter of the year on redeveloping our Ballymena branch. Investing in our branch network continued at the beginning of 2015, with the opening the new branch Millennium Forum in Derry following our merger last year. We also opened a new Belfast branch in Cornmarket offering members more modern and state of the art facilities.”

Gross loans and advances outstanding to customers at year end were £1,378 million, an increase of 3.5% and according to Darina Armstrong key to its business is having qualified advisors in each of its 12 strong branch network.

“The staff in our branches are key to the success of the Society. We understand that the procedure of applying for a mortgage can appear complex so we have dedicated qualified staff in all our branches to ensure our customers fully understand the mortgage process.

“Our key focus in 2015 will be to continue to provide security for our members and build on our financial strength”, said Darina. “Our values which we’ve had for 100 years will remain. Progressive will continue to operate as it always has - a traditional building society, offering good value savings and mortgage products and excellent customer service for the benefit of our members.”

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