Hanley Economic Building Society has published its annual results, with mortgage balances rising to £379.62m from £345.85m – showing growth of 9.77%.
Meanwhile, new mortgage lending rose by 4.12%, reaching £95.04m in 2024, compared to £91.28m the previous year.
The mutual attributed this growth to the conclusion of a core system migration which has enabled it to improve its product and service offerings for members and intermediary partners.
MAJOR JUMP IN PROFITS
Total assets grew year-on-year by 2.45%, from £515.24m in 2023 to £527.84m in 2024. This was primarily driven by an £18.84m increase in retail savings balances. Additionally, the Society reported a 171.55% rise in operating profits, climbing from £923,000 in 2023 to £2,506,000 in 2024.
Mark Selby, CEO of Hanley Economic Building Society, said: “It’s pleasing to share such a strong set of results across the board for 2024, especially given the economic challenges we, and the rest of the industry, have faced.
“We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates. This positions us well for future lending expansion in 2025 and beyond.
“We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords”
“The housing market is showing early signs of recovery. As a member-owned organisation, we strive to balance our savings and mortgage rates carefully, maintaining savings rates even when the Bank Base Rate declines. While this balance is essential for protecting our capital reserves, I’m optimistic that an improving economic outlook will bring greater stability.
“We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords. We’re also focused on assisting older generations in accessing equity for diverse needs.
“By reducing rates and eliminating fees where possible, we’re ensuring our products remain accessible throughout all stages of the borrowing lifecycle. Our goal for the coming year is to continue innovating responsibly while further strengthening relationships with our intermediary partners.”
