The Ipswich Building Society has announced its financial results for the year ending 30 November 2018.

Total profit (before tax) was £3.3m, up from £3.1m in 2017.

Its mortgage book grew by £15m to £536m.

Meanwhile, the mutual saw savings balance rise by £5m, taking overall deposits to a record £572m.

Alan Harris, Ipswich Building Society chairman, said: “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.”