Northern Ireland

Progressive Building Society's after-tax profit falls

Cash Image copyright PA
Image caption Progressive is Northern Ireland's only locally-controlled building society

The Progressive Building Society made an after-tax profit of £9.4m in 2016, lower than the record £11m profit achieved in 2015.

The society said it had expected the reduced profit due to lower interest income in what is "a highly-competitive local mortgage market".

Progressive is Northern Ireland's only locally-controlled building society.

It has 12 branches across Northern Ireland.

Chief executive Darina Armstrong said: "While the local economy faced uncertainty throughout 2016, the rate of growth was better than many had predicted and this was reflected through another strong financial performance.

"Our savings balance also grew by £62m, which has been achieved by offering some of the best rates in a very competitive marketplace."

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