Building Society to create jobs as it adds £50m to mortgage book

Colin Fyfe

Hinckley & Rugby Building Society says it added more than £50m to its mortgage book in 2018, driven by new advances and high levels of borrower retention.

The Society’s profits remained steady at just over £1bn.

The eight per cent rise to £672m in the Society’s latest financial year brings growth in the last three years to more than 40%.

Announcing its results, Hinckley & Rugby posted mortgage advances of £183m (2017: £193m) and started the new year with a £54m pipeline of mortgage business (2017: £53m).

Savings balances grew by £56m (2017: £55m) to £632m (2017: 576m) which fully funded the growth in the mortgage book. Total assets were up by £59m to £799m (2017: £741m).

Chief executive Colin Fyfe, who joined the Society in November 2018, said: “We started 2019 on the very firm foundations left by my predecessor Chris White and look forward to a year of further growth.

“We’re continuing to invest in our people, our premises and our proposition – the products and services we offer to our current and future members.

“We will grow our staff again in 2019 and enhance their skills as we strive to be an ever more attractive employer. The move to our new Hinckley head office at Easter will offer an exciting place to work at the heart of our communities in Leicestershire and Warwickshire.”

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