The Dudley Building Society has reported pre-tax profit in the year ending April 2016 of £1,335,000.

Total assets rose to over £350m and reserves to £19.9m during the year.

Meanwhile, the Society lent £57.4m.

Jeremy Wood, the Dudley’s chief executive, said: “I am pleased to announce another year of controlled and measured growth. This year has seen us update our lending policies, introduce new products and improve service standards while continuing to concentrate on building our lending relationships with the intermediary sector, which we wholeheartedly support.

“Our wider strategy has been to champion improved lending conditions for groups of potential borrowers who have found it hard to gain access to lending. An example being we were the first Society to scrap upper age limits for older borrowers and this has helped to further demonstrate our support for brokers and their clients.

“The market remains as competitive as ever but undoubtedly, we have witnessed significant improvement in consumer confidence and the availability of mortgage finance across the market.”