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Ipswich Building Society Announces 2017 Full Year Results

Written by Ipswich Building Society

16 Mar 2018

Tags

Corporate, Results

3 min read

Ipswich Building Society has announced its financial results for the year ending 30th November 2017, a period marked by strong mortgage growth, low risk lending and further investment in its retail branch network. The Society continues to support mutual status and remains focused on the long-term sustainability of its business.

Key numbers:
– Total profit (before tax) of £3.1m  (2016: £2.6m)
– Gross mortgage lending of £159m (2016: £120m) and net lending £44m (2016: £23m) to a total £521m mortgage assets
– Savings balance growth of £26m to £567m (2016: £541m)
– Total regulatory capital £34m  (2016: £32m)

The Society’s diligent approach to lending has protected members and the Society by keeping arrears and repossessions at a low level in 2017. A personalised approach to underwriting has continued to support those who may be cast aside as ‘mortgage misfits’ by other lenders, including the self-employed, older borrowers, self-builders, first-time buyers, and zero-hour contract workers. At a time when Suffolk has seen announcements for 22 bank and building society branch closures , the Society has restated its commitment to physical banking, with the opening of a new flagship branch, Mutual House, in Ipswich, and relocation of an existing branch to new premises in Woodbridge.

A number of changes to the Board took place throughout the year, including the arrival of Non-Executive Director Steve Liddell, the retirement of Derek Bowden at the Society’s AGM in March 2017 and the retirement of Sarah Evans, Chair, who completed her maximum nine-year term. Alan Harris, who has been a member of the Board since 2011, was appointed as the new Chairman and replaced Sarah in December 2017.

Alan Harris, Chairman, Ipswich Building Society, comments on the results:
“Against a backdrop of change in the UK’s financial sector we maintained a strong and consistent level of performance in 2017. Our model remains simple – to provide a safe home for savers and to use these funds to provide low risk mortgages to UK borrowers – and we are pleased to reaffirm our commitment to our branch network which is enabling this to happen with a high level of personal service.”

Additional highlights:

– A 17% increase in the number of mortgage applications processed by the Society from 2016.

– Over 1,000 volunteering hours by the Society’s employees were spent helping the local community; 705 hours were spent delivering its bespoke financial education programmes in schools, colleges and prisons, reaching 4,791 students with key life skills.

– Branch customer satisfaction score of 98%, in line with 2016, with an increased Net Promoter Score (NPS) of +84, compared to +83 in 2016.

– The Society supported the inaugural Suffolk Day, with a 100 mile bike ride around its branches raising money for St Elizabeth Hospice. With several other fundraising efforts, and matched funding, over £16,000 was donated to local charities. In addition to this, a total of £39,000 was paid to three local charities in respect of members’ affinity accounts.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – get in touch if you have any questions.

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