Progressive post strong 2012 results
During the period new mortgage lending increased from £106m to £125m and mortgage balances increased from £1,290m to £1,307m by year’s end.
Timothy Quin, chief executive at The Progressive, said: “The society’s results are excellent, achieving another profitable year despite the ongoing difficult market conditions in which we had to operate in 2012.
“The ongoing low level of interest rates last year had a positive effect on the number of housing transactions in the market and this helped us to increase the volume of our new lending in 2012 up from £106m in 2011 to £125m in 2012.”
The Progressive chairman also told the society’s Annual General Meeting that he was delighted Progressive had continued to receive strong support from the Northern Ireland community.
Quin said: “We have a reputation for offering an excellent service to our members. Much of our new business comes by way of personal recommendation from existing members so it is important that we maintain the quality of service we provide as well as offering strong mortgage and savings products.”
Quin also said that he was has a cautiously optimistic outlook for 2013. He said: “We believe that the worst is over in the housing market and hope to see more evidence of increased activity and stronger house prices.
“The ongoing uncertainty in the eurozone makes an increase in the official UK Bank Rate less likely this year which should provide stability for borrowers but may disappoint savers.”