Hinckley & Rugby achieves year of strong growth
Hinckley & Rugby Building Society has revealed “strong growth” in its mortgage lending and its savings balances according to new annual results.
The 12 months to the end of November 2016 saw a 34 per cent increase in mortgage advances (£172m, up from £128m in 2015). The current year began with a bigger pipeline of £55.6m of mortgage business (£37.3m in 2015).
The total mortgage book grew by 14 per cent in the year to £540m, almost triple the five per cent increase seen a year previously.
Net interest income was up from £6.74m to £7.08m. The net interest margin was almost unchanged at 1.17 per cent (1.20 per cent in 2015). Profit for the year before tax was up at £0.34m (£0.18m in 2015).
The Society’s Buy to Let advances remained level at £29m and represent an unchanged 18 per cent of the overall mortgage book.
Savings balances grew by £34m during the 12 months to £521.3m, almost double the £18m secured a year earlier.
Chief executive Chris White said: “Our thanks go to our talented and loyal staff who have enabled the Society to deliver on its ambitious business goals of significant growth via great value products and oustanding levels of service.
“We aim to have a successful business which has a sustainable level of profitability and a growing member base, because we are seen as a relevant and natural choice locally and a preferred choice for selected mortgage intermediaries.
“Over the next three years the Society plans to use the strength of its capital base to maintain the rate of growth in its residential mortgage book in order to improve its cost income ratio and its profitability.”
