Progressive Building Society News & Information.

February 2012 – The Progressive Building Society has launched new Fixed Rate and Variable Rate Bonds. Fixed Rate Bonds offer rates of up to 4.20% (Gross/AER) on a 5 Year Fixed Rate Bond and Variable Rate Bonds offer rates of up to 3.55% (Gross/AER) on a 2 Year Variable Rate Bond.

Progressive Building Society.

Progressive Building Society was created out of the merger of 5 tiny societies and it first opened its doors under the Progressive name in 1914. Head office address is Progressive Building Society,    Progressive House, 33-37 Wellington Place, Belfast, BT1 6HH.

Progressive Building Society offer a number of products including

Mortgages- Fixed Rate Mortgages, Variable Rate Mortgages and Tracker Rate Mortgages.

Savings Accounts- Business 90, Cash ISA (Tax Free  Savings Account), Children's Savings Account, Investment Share, Premium Return, Premium Saver, Premium 90, Premium 90 Monthly Income, Capital Bond, Capital Bond Monthly Income, Fixed Rate Term Bonds (inc Monthly Income option), Variable Rate Fixed Term Bonds and a Postal 7-day Notice Account.

Other Financial Products include building & contents insurance and mortgage payment protection insurance.

For the year ended 31/12/2010 The Financial Results for Progressive Building Society were 2009 figures in (brackets)

Profit £2,227,000 ( £1,051,000)

Assets £1,666,043,000 (£1,664,140,000)

Executive Directors Pay £443,000 (£417,000)

Non Executive Directors Pay £141,000 (£139,000)

For the year new mortgage advances fell by 24% to £107 million. Savings balances rose by £36.3 million. £4.2 million was set aside against bad debts and towards the end of the year an increase in mortgage accounts arrears was occurring. Loans and advances outstanding to customers was £1,298 million.

Management expenses as a percentage of mean total assets was 0.48%.

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