Partly Cloudy

Partly Cloudy

max temp: 12°C

min temp: 10°C

ESTD 1874 Search

East Anglia: Ipswich Building Society reports record lending and savings figures for 2012

06:00 12 February 2013

Paul Winter, chief executive of Ipswich Building Society

Paul Winter, chief executive of Ipswich Building Society

Archant

IPSWICH Building Society has reported another record year for mortgage lending and savings balances.

The society says its strong financial performance reflects its investment in local communities and staff, such as its programmes to promote health and to improve financial awareness

Mortgage balances at the society grew by 16.4% during 2012 to £465million, an increase of £65m compared with a year earlier. This contrasts with overall growth in the UK mortgage market last year of just 3%.

More than an eighth of the society’s mortgage lending (13.6%) went to helping first-time buyers take their first step on to the property ladder.

Savings balances reached a record £532m, representing growth of 46% since the start of the financial crisis in 2008. As a result, the society remains 98% funded by retail savings.

The society’s profit, after tax and its payment to the Financial Services Compensation Scheme, grew to £2m. This is to be retained in the business in order to fund a new IT system to be installed later this year.

During 2012, the society opened a new agency in Mildenhall and invested in its staff by recruiting five apprentices and supporting a number of existing employees in studying for professional qualifications.

The society’s focus on improving health and wellbeing, in the workplace as well as the wider community, contributed to record lows in sickness absence and staff turnover.

It also expanded its financial education activities, running Money Days in more than 200 schools and training nine staff to deliver financial awareness to 14/15 year-olds for a scheme run by the High Sheriff of Suffolk which will be launched this spring.

Paul Winter, chief executive, said: “The good health of Ipswich Building Society has come through delivering the best service to our members, by reaching out to new members and by supporting our staff and our local community.”

He added: “Investing in local communities and staff is good for business. It’s become integral to who we are and who we want to be and has wide ranging benefits for the people, charities and groups with whom we are involved .”

Further details of the society’s annual results will be announced at its annual general meeting which is due to take place at Wherstead Park, Ipswich, Wednesday, March 20.

Members of the society should receive their voting packs in the post ahead of the meeting.

Related articles

Search hundreds of local jobs at Jobs24

0 comments

An artist's impression of Sizewell C

Community leaders who met to discuss Suffolk’s latest nuclear power station proposals have agreed its developers need to offer a better deal for the county.

IPRS Healthcare group chief executive Martyn Jackson speaking at the launch in London of the company's new app for virtual consultations with its team of physiotherapists.

An award-winning Suffolk healthcare firm has unveiled an app to help people injured at work or in road accidents to access quick and effective physiotherapy advice via a smartphone or tablet.

Chris Morgan, managing director of Mobile Mini UK, with Sarah Jones, manager at Mr Box.
Photo: Keith Mindham

Container storage company Mr Box, based at Great Blakenham, near Ipswich, has been purchased for an undisclosed sum by the UK arm of Mobile Mini, which has its global headquarters in Arizona.

Dr Dan Poulter MP turns on Christmas lights in Framlingham.

Businesses in a Suffolk town are being urged to decorate their windows with a “magical look for the whole season”.

Small Business Minister Margot James, left, with Angela Berry, owner of The Lampshade Company, at the Small Business Saturday reception at 10 Downing Street.

Small businesses from Suffolk and north Essex were among 100 from across the UK invited to a reception at 10 Downing Street ahead of last week’s Small Business Saturday event.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24