Northern Ireland

NI building society Progressive makes £3.3m profit

Northern Ireland-based building society Progressive made a profit of £3.3m last year.

The strong pre-tax performance comes despite the company writing off bad property debts of £5.8m.

The figure for the 2011 financial years shows a 0.2% rise on the 2010 results.

Progressive said they have maintained the size of their balance sheet in 2011 by continuing to offer mortgage deals in an effort to stimulate the local housing market.

The society's chairman, Dr Joan Smyth said: "The results are excellent given the ongoing difficult market conditions in which we had to operate in 2011."