Tipton and Coseley upbeat on strong lending

THE Tipton and Coseley Building Society has benefited from a robust housing markets with latest figures showing lending remained strong last year.

For the year ended December 31, 2015, the mutual saw group net profit total £2.31m, an increase of more than 4% on 2014, with mortgage lending up to £52.08m – a 3% increase on 2014. Gross capital grew to £35.31m, up more than 9% on the previous year.

Richard Newton, the Tipton’s chief executive, said: “To report such upbeat figures, during a time of continued economic uncertainty is a solid achievement. We reported robust mortgage figures last year and I’m pleased that our lending has increased yet again.”

He said the society had also benefited from a competitive range of products, an offering which it said would hopefully see a similarly upbeat performance during 2016.

During 2015 the society also donated more than £10,000 to its Charitable Foundation which made or promised donations to 17 charitable concerns. This takes the total donated to over £150,000 since the launch of the foundation in 1999.