Progressive Building Society has reported an increase in pretax profit to £3.3 million for its 2011 financial year. In contrast to the performance of many of its competitors, Northern Ireland- based Progressive appears to have maintained the size of its balance sheet, although total assets at the end of the year were down £11 million at £1.655 billion.

New mortgage lending fell marginally in 2011 to £106 million from £107 million the previous year. The results also show total loans and advances by Progressive, which first opened its doors in 1914, to customers also rose marginally to £1,298.6 million.

Savings stood at £1,483.8 million, mirroring 2010 and covering the balance held in its mortgage book. However, like many others, the society was forced to increase the level of its bad debt provision by £5.8 million because of what it termed “ongoing uncertainty” in the local housing market .

The latest results show 51 of its mortgage accounts were 12 months or more in arrears at the end of the year. The total owed on these properties was £8.9 million, which included arrears of £621,000.