Vernon Building Society marks centenary by smashing £500m asset level

Stockport’s Vernon Building Society has smashed the £500m total asset level.

It is the first time in the society’s 100-year history it has exceeded the half a billion pound level.

It is now targeting total assets of £1bn within the next decade.

Its total assets have grown by 10% to £506m in the latest financial year, while profit before tax increased from £2.3m to £3.5m.

Gross mortgage lending grew from £76.4m in 2023 to £89.6m in 2024, thanks, in part, to the work the Vernon has done to help under-served markets and give more people the chance to become homeowners.

Retail savings balances grew by nine per cent to £447m – planned growth that played a vital role in the expansion of the Vernon’s mortgage book.

Steve Fletcher retired as CEO of Vernon Building Society in December 2024, and was replaced by new CEO, Darren Ditchburn.

Ditchburn said: “Thanks to the leadership and dedication of Steve Fletcher, the Vernon has been left in a position of strength, and we are able to look ahead with ambition and purpose to ensure we remain a thriving, modern mutual for generations to come.”

Alongside ensuring its financial stability for the future, the Vernon said it had many other reasons to celebrate in 2024, including the completion of a £1.2m refurbishment programme of its branch network.

This has ensured, all the Vernon’s high street branches have now been transformed into modern, community-focused spaces where members can access expert, face-to-face service.

Bucking the ongoing branch closures trend of other high street financial institutions, the society is investing in new community branches across Greater Manchester, with the aim of having a presence in all 10 boroughs by 2030.

The Vernon said supporting the local community remains a priority. In 2024, its new Vernon Charitable Foundation supported 19 local charities, focused on poverty relief and community development in Greater Manchester and Cheshire, with donations of £64,712.

Meanwhile, its long running Community Stars programme donated £12,000 to 40 local charities and community groups in support of grassroots organisations.

Ditchburn added: “We’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the preferred choice of building society in Greater Manchester and Cheshire.”