Growth strategy delivers fourth consecutive year of increased profit at building society
A GROWTH strategy implemented in 2011 has been a key driver in the Beverley Building Society recording its fourth consecutive year of record profits.
East Yorkshire’s last remaining independent society, which celebrates its 150th anniversary next year, saw profits rise 30% to £329,000. Net profits are reinvested in the Society’s capital reserves.
It attributed the continued improvements to “a back-to-basics approach, offering uncomplicated mortgage and savings products” which it says has delivered an increased membership, balance sheet growth and a boosted mortgage book from £122.4m to £151.5m.
It generated a record £25.7m of gross mortgage lending and savers’ balances were up by £2.1m to £170.8m.
Peter Myers, chief executive of Beverley Building Society, said: “The Beverley is an integral part of the East Yorkshire community, lending over £70m in the last three years and we have also supported over 40 charities during this time.
“Overall, as a traditional, long-established building society we have responded to the requirements of operating in a global market and feel very proud of our local heritage and the part we play in supporting young professionals and families to get on the property ladder and save for the future.”
“Within the next phase of improvements, initiatives include online access for mortgage and savings accounts and the first stage of this broader online strategy has already been successful.”
The three-year shake-up provided the opportunity for existing staff to take on more senior roles and new recruits have brought additional expertise including Janet Bedford as financial director and Mark Marsden, as the Society’s first risk director who is reviewing the approach to risk management, control and mitigation.
