Staffs Building Society Announces Record Profits…
Stafford Railway Building Society has enjoyed yet another exceptional year with record profit levels boosting its capital ratios; measures of financial strength and stability.
For the year ended 31 October 2014, the Market Square based Society reported a profit of £1.45 million after taxation (2013: £1.02 million), which when added to the General Reserve gives a total of £16.97 million (2013: £15.52 million).
The Society has also grown in size and strength over the year and improved in its core markets of mortgages and savings, with total assets amounting to £261.46 million (2013: £247.93 million) – an increase of £13.53 million or 5.46%.
Liquid assets comprising cash, bank balances and authorised investments were also up to £83.6 million (2013: £82.3 million), while despite the challenges of the ongoing low interest rate environment, savers’ balances increased during the year by 5.2% to £243.6 million.
The Society also lent £44.1 million (2013: £29.4 million) to borrowers – £42.7 million was advanced on 429 new mortgages and £1.4 million on 47 further advances. Total advances secured on residential property and other loans increased during the year to £177.1 million (2013: £165 million).
Chief Executive Susan Whiting said: “This is all the more impressive given that the stringent requirements of the Mortgage Market Review were introduced during the year. Thanks to our experienced mortgage team, these changes were effected smoothly and efficiently and our lending policies remain as prudent and sensible as ever.
“The Society is also proud of its appeal to new savers and ability to retain loyal existing members – indeed there has been steady growth in savers’ balances over the last five years because we are able to consistently provide them with competitive, in some cases market-leading, rates of interest.
“These results also demonstrate continued faith in the independent mutual model, because we don’t pay any profits out to external shareholders, plus we aim to treat all members fairly and to balance the interests of investing and borrowing members as equitably as possible within the framework of market forces.
“In addition to our financial success, we again achieved a wonderful result in our latest member survey with 99% satisfaction levels. This is a fitting tribute to the effort and commitment of our staff, of whom the Board of Directors are extremely appreciative.”
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