Ipswich Building Society Announces 2013 Full Year Results
Society continues to offer alternative to larger competitors while supporting
local communities and committing to branch network
Ipswich Building Society has announced its results for the year ending 30th November 2013 showing strong performance with balance sheet growth of 4.4%, led by increased mortgage lending and saving deposits.
Working to a plan which includes continuing to act in the best interests of its 60,000 members and the communities around it, the Society continues to keep ahead of the tight regulatory environment. Its manual underwriting capability supports the recommendations made by the Mortgage Market Review (MMR) while it continues to safeguard members' assets through good governance, encouraged by rigorous board standards.
Ipswich Building Society, Chief Executive, Paul Winter comments:
"We are offering an alternative to large financial institutions, challenging the status quo by committing to a branch network and offering members products you'd be hard-pressed to find elsewhere.
"We're improving performance and working to plan. We continue to offer a helping hand to our communities. Business leaders should not focus solely on profits. A healthy business is related to a community which supports and appreciates the products it offers."
Financial results highlights:
- Balance sheet growth of 4.3%, rising to £601 million in 2013
- Increased total profits, (before tax) of £3 million
- Increased mortgages and savings balances, (mortgage balances increased £21 million and savings balances increased £25 million)
- Increased capital supporting growth, capital increased to £33 million from £31 million in 2012
Offering a helping hand:
- Fundraising, raising £37,500 in 2013
- Volunteering, 323 hours in 2013
- Continuing to offer low deposit mortgages in the Society's heartland
- Supporting sweat equity projects locally
- Supporting financial literacy through 'Money Days' scheme and 'My Puppy app'