Society's savings grow to record level as it continues to innovate
PUBLISHED: 00:10 20 February 2019
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A building society has continued to expand in spite of tough market conditions, it said as it published a solid set of financial results.
Ipswich Building Society, which operates nine branches across Suffolk, has been opening branches at a time when many banks are closing theirs, it pointed out.
The society, which saw profits rise 6.5% from £3.1m in 2017 to £3.3m in 2018, launched ‘new and improved’ branches in its existing branch towns of Ipswich and Woodbridge. Its mortgage assets grew 2.9%, or £15m, to £536m, while savings grew by £5m to take it to a record £572m.
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Chairman Alan Harris praised its performance. “The UK’s forthcoming exit from the European Union continues to dominate the economic landscape, creating a highly competitive mortgage market,” he said.
“In response to this, we have continued to develop and offer a varied range of innovative and accessible products designed in the best interest of our members. While we anticipate wider economic changes, we are confident that through our business model and the additional business controls we have in place that the Society will remain secure and largely unaffected during these uncertain times.”
New products have included its ‘later life’ range of mortgage products for older borrowers.
“Our mutual model enables us to put our members at the heart of everything we do, therefore a key strategic objective is to ensure we have knowledgeable, highly skilled and engaged staff across the society, to deliver a great experience,” said Mr Harris.
“I believe that the new introductions to the board will bring immeasurable value to the society and support our commitment to helping our members achieve their long-term financial goals.
“We have always placed high value on our relationships with our intermediary partners. This year we made several developments to our broker proposition, clearly defining how we can help serve their mortgage clients and we are delighted to see that our excellent broker satisfaction rating has improved further as a result.”
Member satisfaction levels remain exceptionally high, with a score of 98.6%, it said, and its annual general meeting enjoyed a record attendance with 633 members turning up.