Earl Shilton Building Society has reported “strong” annual results.
The Society’s resilient performance over the 12 months to 31 March 2017 saw overall growth of 2.99%, up from 2.27% in the previous financial year, taking its total asset size to £127.66m.
There was a significant increase in the number of customers looking to borrow as new lending by value increased to a record high for the Society of nearly £26m; over 17% up on the previous year-end figure.
Net lending was also up with total mortgage balances breaking the £100m mark as they rose by over 10% from £91.14m to £101.03m.
The Society continued to attract new funding from savers with balances having increased by £2.4m to a total of £115.78m.
Profits added to reserves were a healthy £547,163 and total reserves exceed £10m for the first time in the Society’s history.
Chief Executive, Paul Tilley, said: “I am pleased to report the Society has enjoyed another positive year. We have continued to grow and we were able to add a robust level of profit to our reserves to enhance our financial strength.
“In many ways the last 12 months have been momentous, with major changes to the political and economic landscapes in the UK and abroad which will inevitably have a knock-on effect for the finance sector. The UK economy has remained remarkably resilient over the last few years, however, and the fact the Society is now in its 160th year is testament to its ability to endure.
“The Society is well placed to continue to grow, prudently and profitably, for the benefit of its members. Belief in the value of personal service remains at the heart of what we do, and we look forward to meeting our members in person at our upcoming AGM, discussing these results and our plans for the future with them.”
In other news, the Society has announced the date of its AGM as Wednesday 12th July. It will be held at the Age UK Senior Citizens Centre in Earl Shilton, with a 6pm start time and is open to all of the Society’s members.
Attendees will have the opportunity to talk to Directors and employees after the meeting, and a buffet of light refreshments will be available. Directors Martin Rice and Audrey McNair are seeking re-election at the AGM, whilst Gary Little and Stephen Burnside will be standing for election to the board for the first time.