In its full year results for 2017, the Society has recorded gross mortgage lending of £159m, up from £120m in 2016, and net lending of £44m, almost doubling the £23m lent in the previous year.
Total profit before tax increased from £2.6m to £3.1m and Ipswich also saw savings balance growth of £26m to £567m.
A number of changes to the Board took place throughout the year, including the arrival of Non-Executive Director Steve Liddell, the retirement of Derek Bowden at the Society’s AGM in March 2017 and the retirement of Sarah Evans, Chair, who completed her maximum nine-year term.
Alan Harris, who has been a member of the Board since 2011, was appointed as the new Chairman and replaced Sarah in December 2017.
Alan Harris commented: “Against a backdrop of change in the UK’s financial sector we maintained a strong and consistent level of performance in 2017. Our model remains simple – to provide a safe home for savers and to use these funds to provide low risk mortgages to UK borrowers – and we are pleased to reaffirm our commitment to our branch network which is enabling this to happen with a high level of personal service.”
