Manchester Building Society back in the black

MANCHESTER Building Society has reported a return to profitablility during the first six months of this year.

The mutual, the country’s 18th largest building society, ranked by assets, made £1.6m in the half year to June 30, compared with an interim loss of £825,000 and a full-year loss of £2.3m in 2012.

MBS, which is based in the city centre, has more than  27,000 investing members and 5,400 borrowing members.

Total assets at the end of June were 764.3m compared wirth £800.6m this time last year.

It said that after an organisational restructure this year, it is “well positioned” with a reduced level of administrative overhead and is forecasting a “robust level” of full year profitability.

Chairman David Harding said: “I am pleased to report that the Society has delivered a robust level of profitability for the first half of 2013, even after accommodating exceptional restructuring costs, as this demonstrates a sound underlying trading position.

“The board’s continuing focus will be serving our members as effectively as possible within the constraints of the current low interest rate environment.”

The society said it had appointed two new non-executive directors, Ian Dewar and Harold Baines.