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Ipswich Building Society continues to expand, increases profits

Photo: Ipswich Building Society

The Ipswich Building Society, which has branches across Suffolk, has published a good set of results, with pre-tax profits rising from £3.1 million to £3.3 million.

Despite tough market conditions, the society continues to expand and innovate, confirming it will develop an “enhanced savings proposition” over the next two years, with a focus on digital and face-to-face services.

Financial results for the year ending November 30, 2018 were strong, showing the savings balance had grown by £5 million, with overall deposits at £572 million.

It said it had also tweaked its broker proposition, helping brokers to serve their mortgage customers better, a move that had seen its broker satisfaction rating improve.


Chairman Alan Harris said: “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.”

With a nod to Brexit and economic uncertainty, he added: “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.”

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