Profits up at Manchester Building Society

LAST year’s cost cutting has helped Manchester Building Society increase interim pre-tax profits.

The society, based in the city centre, said pre-tax profits were up from £1.2m to £1.6m on flat revenues of £6.1m in the half year to the end of June.

It put the improvement down to an “organisational restructure” early last year and added it was “well positioned” in its core business of mortgage lending and retail deposits.  

Chairman David Harding said: “I am pleased to report that the Society has delivered a steady level of profitability for the first half of 2014.

“The Society continues to serve its members as effectively as possible within the constraints of the current low interest rate environment.”