New figures show rise for building society

A BUILDING society is reporting continued growth as it releases its end of year figures.

The Earl Shilton Building Society’s post-tax profits rose to more than £600,000 with an overall growth of 2.27% and mortgage balances increasing to more than £91 million.

It also recorded an increase of 28% in new mortgage lending by value and reported a rise in overall balances held by savers of just under £2 million.

A proactive approach to retaining mortgage borrowers, particularly those whose loans had matured, played a major role in securing the society’s ongoing growth.

More than £11 million of balances were transferred onto a replacement mortgage product over the year to March 2016.

The increase in profit, meanwhile, is a result of an increase in the difference between average mortgage rates and average savings rates, with the society’s sale of superfluous commercial property adding to its annual profits.

Ahead of the society’s AGM on Wednesday July 13 the society can report its total assets have increased by 2.27% on last year’s figure to £123.95 million, while its post-tax profit for the year amounted to £622,473 – an increase of more than £55,000 on last year’s figure.

It saw a total of £21.88 million (2015 £17 million) advanced to borrowers to build, buy, refinance or improve their properties. Total mortgage balances at the end of the year amounted to £91.52 million (2015 £90.3 million) before provisions and mortgage balances increased in the year by £1.22 million (2015 £2.69 million).