Added: 20 February 2019
Ipswich Building Society 2018 Full Year Results
Ipswich Building Society has announced its financial results for the year ending 30 November 2018. Despite the uncertain economic and political landscape, the Society reports a profitable year and remains focused on providing long term sustainable value to members, while investing further in its retail branch network.
- Total profit (before tax) of £3.3m (2017: £3.1m)
- Mortgage asset growth of £15m, to £536m (2017: £521m)
- Savings balance growth of £5m, taking overall deposits to a record £572m (2017: £567m)
- Total regulatory capital £37m (2017: £34m)
This year saw the introduction of its ‘later life‘ range, a collection of mortgage products specifically designed for borrowers aged 50 and over. The Society’s manual approach to underwriting enables applications to be considered on an individual basis, and demonstrates acknowledgement for the diverse lifestyle arrangements and incomes that later life borrowers have.
While many banks and financial providers continue to announce high street closures, the Society has invested in its branch network with the relocation of its premises in Woodbridge and the opening of a new flagship branch in Ipswich town centre.
The Board has welcomed several new additions throughout the year including Fiona Ryder as Non-Executive Director, Trevor Slater as Finance Director, and Ian Brighton who was promoted internally to Operations Director.
The Society demonstrated its commitment to gender diversity in the workplace by signing up to the UK’s HM Treasury Women in Finance Charter. The current Board has a 30 per cent female representation pleasingly exceeding the recommended target of 25 per cent outlined in the Davie Report.
Alan Harris, Ipswich Building Society Chairman, comments on the results:
“The UK’s forthcoming exit from the European Union continues to dominate the economic landscape, creating a highly competitive mortgage market. In response to this, we have continued to develop and offer a varied range of innovative and accessible products designed in the best interest of our members. While we anticipate wider economic changes, we are confident that through our business model and the additional business controls we have in place that the Society will remain secure and largely unaffected during these uncertain times.
“Our mutual model enables us to put our members at the heart of everything we do, therefore a key strategic objective is to ensure we have knowledgeable, highly skilled and engaged staff across the Society, to deliver a great experience. I believe that the new introductions to the Board will bring immeasurable value to the Society and support our commitment to helping our members achieve their long-term financial goals.
“We have always placed high value on our relationships with our intermediary partners. This year we made several developments to our broker proposition, clearly defining how we can help serve their mortgage clients and we are delighted to see that our excellent broker satisfaction rating has improved further as a result.”
Continued offering of children’s accounts, ISAs, instant access and bonds through to charity support accounts. An enhanced savings proposition will be developed over the next two years with a focus on both digital and face-to-face services.
Member satisfaction levels and Net Promoter Score (NPS) both remain exceptionally high, with scores of 98.6% and 83 respectively.
Record attendance at the Annual General Meeting, with 633 members attending (27% increase from 2017).
Ongoing support and nurturance of Suffolk communities with over 835 volunteering hours donated by employees; 515 hours were spent in schools, colleges and prisons delivering the Society’s bespoke financial education programmes.
Improved offering for borrowers building or remortgaging a property using Modern Methods of Construction (MMC) and the launch of a new remortgaging deal for those with shared ownership properties.