Manchester BS back in profit

MANCHESTER Building Society is back in the black, results for 2014 have revealed.

The mutual, based on Portland Street in Manchester city centre, swung from a loss of £1.6m in 2013 to a pre-tax profit of £4.3m.

Net interest income fell from £15m in 2013 to £11.1m in 2014 as a result of the planned reduction in size of the balance sheet and following the sale of its £68m UK Lifetime Book at the end of 2013.

Reflecting the disposal, total assets were £508.7m compared with £646.4m in the previous year.  The Manchester is the country’s 19th largest building society and has more than 19,000 savings account holders and 3,300 borrowing account holders.

Chairman David Harding said: “I am pleased to report that the society has recorded a healthy profit before tax of £4.3m for 2014, following the loss recorded in 2013. 

“Underlying profitability, levels of liquidity and mortgage book performance were all sound during 2014 and the Society continues to focus on supporting its borrowing and saving members.”