The Belfast-based Progressive Building Society has revealed pre-tax operating profits of £5.3 million for 1997, an increase of 18 per cent on the previous year.

The society, which is Northern Ireland's largest locally-owned and managed financial institution, now has total assets of more than £500 million sterling.

Its vice-chairman Mr Sam Torrens, the former chief executive of the Northern Bank, said that the Progressive's after-tax profits amounted to £3.6 million.

Mr Torrens said that the society remained firmly committed to the principle of mutuality.