Ipswich Building Society assets hit new record

IPSWICH Building Society has defied the gloom elsewhere in the financial services sector and the wider economy to report a strong set of results for 2011.

The society’s total assets grew by 3.4% to nearly �517.9million, with its savings balances increasing by 4% during the year to a record �480m.

Its mortgage balances meanwhile grew by 8.6% to nearly �398.2m, including total new lending of around �91m, which the society said had been achieved without compromising its “rigorous” lending criteria.

Profit for the year after taxation and the levy paid by the society towards the Financial Services Compensation Scheme (to cover losses suffered by investors in failed institutions) grew nearly four-fold, from �364,000 to �1.38m, with the pre-tax figure rising by a similar margin, from �494,000 to �1.925m.

The total savings balance of �480m represents growth of nearly one-third over the last three years, with the society now 98% funding by retail savings.

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The increase in mortgage lending of 8.6% compares with growth in the overall UK market of less than 1% last year.

“The society has shown itself to be a flagship business within the region after announcing record levels of mortgage lending and an increase in retail savings despite difficult trading conditions”, the society said in a statement today.

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“Additionally, the society has proven its standing as a corporate role model within the regional community through a range of initiatives such as regular charitable donations and community events; the opening of two new agencies in Suffolk and Norfolk; the delivery of over 40 ‘Money Days’ teaching primary school children about finance and the employment of four new apprentices as part of the National Apprenticeship Scheme.”

Paul Winter, the society’s chief executive, said: “We are thrilled with our annual results as they continue to show that a regional mutual organisation can compete with the big businesses whilst ensuring our local communities and personal service remain at the heart of everything that we do.

“We believe our success is a direct result of the trust and confidence shown in us by our members.”

Members of the Ipswich Building Society will now receive their voting packs in the post and the full financial report will be available to download from the Society’s website www.ibs.co.uk from March 19

Further details of the society’s annual results will be announced at its annual general meeting which takes place at Trinity Park, Ipswich, on Wednesday, March 28.

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