Challenger banking house results hail year of sustainable success
ECOLOGY BUILDING SOCIETY has hailed a record 2015 which it says proves that using money to make a positive difference to people and the planet is both “possible and profitable.”
The Yorkshire-based society announced record assets, record gross and net lending and record savings balances for the year ending December 31.
The ethical finance pioneer offers a range of savings accounts that fund mortgages for properties and projects which support individuals and communities to adopt environmental building practices and improve the energy efficiency of the UK’s building stock.
It said the results mark more than 30 years of uninterrupted profitability and provide a “compelling case for a long-term, purpose-driven approach to finance.”
Ecology reported record assets of £145.9m (2014: £137.9m) with a strong asset growth rate of 5.85% (2014: 10.62%) while gross lending was up to £42.1m (2014: £23.1m) with net lending passing the £25m milestone for the first time.
A surge in savings balances to £134.7m (2014: £129.1m) was seen, supported by the relaunch of the savings product range in the first quarter of 2015, while the society reported net profit of £881,000 (2014: £566,000).
In 2015 Ecology lent more than £42m for sustainable properties and projects, with 95% of mortgages advanced on residential properties, including new builds, renovations and shared ownership, and 5% on developments for community gain, including charities, community businesses and affordable housing.
Chief executive Paul Ellis said: “We’re proud to be at the forefront of the most exciting type of finance there could be – using money to make a positive difference for people and planet. Our results prove that our approach to ethical values-based banking is more relevant than ever and demonstrate how we are delivering on our mission to build a greener society.
“Throughout 2015 we have retained our commitment to focus on lending for positive environmental and social impact. Our record levels of lending represent a significant increase in our positive impact.”
