Ecology Building Society has reported record profits and mortgage assets for the financial year ended 31 December 2012.
Net profit increased by 8% to £459,000, while gross lending totalled £14.3m (down from £18.3m in 2011), taking overall mortgage balances beyond £75m for the first time to £77.34m.
Savings balances exceeding £100m for the first time, ending the year at £101.92m.
In 2012 Ecology lent over £14m for sustainable properties and projects, with 84% of mortgages advanced on residential properties (including new builds, conversions and renovations) and 16% on developments for community gain (including charities, housing co-operatives and community businesses).
The Society reduced total provisions against possible mortgage losses by 70%.
Ecology’s Chief Executive, Paul Ellis, said: “Our financial success is based on sticking to our core principles: thinking long-term, putting our members first and focussing on our social and environmental impact. Our priority for 2013 is to continue to expand our mortgage book, so we can support more and more people to build or renovate sustainably.
“The big five banks saw their profits wiped out by the cost of their past mistakes – isn’t it time they realised that putting ethics at the heart of their work is their only route to a sustainable future?”
