Hinckley & Rugby Building Society has hailed a “strong financial performance” through 2021.
The Society’s profit levels have increased despite ongoing challenges presented by COVID-19, enabling the business to launch a new Community Foundation which will support local registered charities with grants of up to £5,000.
Profit before tax more than doubled from £0.56 million in 2020 to £1.44 million in 2021 due to the increase in net interest income which stood at £10.8 million in 2021, up from £9.3 million in 2019. The Society also achieved improved levels of capital and liquidity over the year.
Retail savings grew to £693.0 million in 2021 from £690.2 million in 2020.
The Society’s mortgage book decreased to £619.0 million in 2021, from £658.0 million in 2019 because of a cautious approach to lending in the self-employed and buy to let markets, as well as higher loan to value lending. However, the Society says it is pleased to have begun re-entering these lending areas in late 2021.
Hinckley & Rugby Building Society added that it has used its revenue to invest in improvements for members and staff, further strengthening the business and allowing it to deliver increased profitability, which can be reinvested back into the community and business.
In due course, staff and local residents will be able to benefit from electric vehicle charging points which will be powered by solar panels which will be installed at the head office building.
Furthermore following a strong financial performance in 2021, the Society is unveiling its new Community Foundation.
Colin Fyfe, Chief Executive, says: “Importantly, off the back of a good year, we have the opportunity to share our profit with the communities around us. We are delighted that we will be launching the Hinckley & Rugby Building Society Community Foundation at our AGM on 29 March. The Foundation’s purpose is to support local registered charities in Leicestershire and Warwickshire with grants of up to £5,000.
“Members are warmly invited to this year’s AGM to learn more about our financial results and the Community Foundation.”
