Vernon Building Society has ended its 100th year on a high, reporting record growth in total assets and continued investment in its community-first strategy.
For the first time in the Stockport-based mutual’s history, total assets have exceeded £500 million, rising by 10% to £506 million. Profit before tax for 2024 reached £3.5 million, positioning the Society for further growth and sustainability in the year ahead.
The Vernon also saw its gross mortgage lending increase from £76.4 million in 2023 to £89.6 million in 2024, reflecting efforts to support underserved borrowers and first-time buyers. Retail savings balances rose 9% to £447 million, funding the expansion of the mortgage book and strengthening the Society’s balance sheet.
The year also marked a leadership transition, with Steve Fletcher retiring as CEO in December. He was succeeded by Darren Ditchburn (pictured), who brings a renewed focus on delivering long-term value to members.
“Thanks to the leadership and dedication of Steve Fletcher, the Vernon has been left in a position of strength, and we are able to look ahead with ambition and purpose to ensure we remain a thriving, modern mutual for generations to come,” said Ditchburn.
COMMUNITY INVESTMENT AND EXPANSION
Alongside its financial performance, Vernon completed a £1.2 million refurbishment of its high street branches in 2024, transforming them into modern, welcoming spaces focused on face-to-face service and community engagement.
In contrast to the widespread closure of bank branches across the UK, the Vernon is taking a different approach. It plans to expand its branch network across Greater Manchester, aiming for a presence in all 10 boroughs by 2030.
The Society also launched its first-ever TV advertising campaign, designed to boost visibility in Greater Manchester and Cheshire and highlight its mission of combining competitive rates with a community-first ethos.
CHARITABLE GIVING
Community support remained central to Vernon’s mission in 2024. The newly launched Vernon Charitable Foundationdonated £64,712 to 19 charities focused on poverty relief and development. Its Community Stars programmedistributed a further £12,000 to 40 local organisations, backing grassroots efforts across the region.
“None of this would be possible without our amazing colleagues who are the driving force behind our success,” said Ditchburn.
“We’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the preferred choice of building society in Greater Manchester and Cheshire by helping members grow their savings and buy their own home. All with sustainable growth at the heart of our strategy.”
