The Hinckley & Rugby Building Society has reported a 23% increase in net mortgage applications for 2017 so far.

The Society told attendees at its annual general meeting (AGM) today that net mortgage applications totalled £48m from December 1 2016 to February 28 2017. At the end of February the mortgage book stood at £559m, £19m higher than at the start of December.

Mortgage advances in its first quarter topped £46m, 45% higher than in the same three months a year before. Savings inflows during the same period were £10.3m and at the end of February savings balances stood at £531m.

The AGM saw two long-serving non-executive directors stand down. Senior independent director Paul Parmenter and chairman of the remuneration committee Andrew Astin both joined the Society’s board in 2008.

Chairman Colin Franklin paid tribute, saying: “Both are stepping down, in accordance with good corporate governance, after completing nine years on the board.

“They have served the Society skilfully and diligently throughout the difficult years of the credit crisis and, on behalf of our members, I would like to thank them for their important contribution and to wish them well for the future.”

Chief executive Chris White said: “Thanks to a year of strong advances and a high level of borrower retention the Society’s mortgage book has grown significantly.

“We have started the new year with an even stronger momentum, thanks to blossoming relationships with key broker networks and an uncompromising approach to providing outstanding service to all our customers.”

The 12 months to the end of November 2016 saw a 34% increase in mortgage advances (£172m, up from £128m in 2015). The total mortgage book grew by 14% in the year to £540m, almost triple the 5% increase seen a year previously.

Savings balances grew by £34m during the 12 months to £521.3m, almost double the £18m secured a year earlier. More than 90% of the Society’s members with savings accounts live within its core branch area.