Earl Shilton’s reserves top £10m for first time ever

Paul Tilley

Earl Shilton Building Society has reported what it is calling “strong” annual results.

The 12 months to 31 March 2017 saw overall growth of 2.99%, up from 2.27% in the previous financial year, taking its total asset size to £127.66m.

There was a “significant” increase in the number of customers looking to borrow as new lending by value increased to a record high for the Society of nearly £26m; over 17% up on the previous year-end figure.

Net lending was also up with total mortgage balances breaking the £100m mark as they rose by over 10% from £91.14m to £101.03m.

The Society continued to attract new funding from savers with balances having increased by £2.4m to a total of £115.78m.

Profits added to reserves were a healthy £547,163 and total reserves exceed £10m for the first time in the Society’s history.

Chief executive, Paul Tilley, said: “I am pleased to report the Society has enjoyed another positive year. We have continued to grow and we were able to add a robust level of profit to our reserves to enhance our financial strength.

“In many ways the last 12 months have been momentous, with major changes to the political and economic landscapes in the UK and abroad which will inevitably have a knock-on effect for the finance sector. The UK economy has remained remarkably resilient over the last few years, however, and the fact the Society is now in its 160th year is testament to its ability to endure.”

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