The Cambridge Building Society last year provided £200m of funding to local people buying, improving or remortgaging their homes. This continued 8.3% growth of the Society’s mortgage book also provided funding for over 1,200 new mortgages.
Meanwhile, the mutual delivered a pre tax profit of £2.5m.
Duncan Bain, finance director at The Cambridge, said: “As a mutual business, maintaining long-term financial stability remains a key area of focus. By delivering a pre-tax profit of £2.5 million, the Society has returned to capital replenishing levels of profitability and further strengthened its financial foundations.”
Stephen Mitcham, chief executive at The Cambridge, said: “Our 2013 financial results show another year of managed growth and once again demonstrate our continued commitment to helping local people buy their homes.
“We move into 2014 with fresh challenges ahead but with the desire to only improve on the positive foundations that have been set in previous years.
“We will continue to challenge our systems and processes to ensure that they meet the ever changing needs of our existing and future customers.”
In his final statement as chairman, Ian O’Reilly said: “As I move towards the end of my tenure as Chairman, I’m pleased to note that The Cambridge Building Society has more than weathered the financial storms of recent years. Far from simply enduring those incredibly difficult conditions, we have prospered and your Society has maintained and strengthened its position in the sector, and is well placed for a strong future.
“On behalf of the Board I would like to thank everyone working at The Cambridge for their determined efforts and congratulate them on an outstanding performance in 2013.”
