hanley economic

Hanley Economic Building Society increases assets by 9.72%

Hanley Economic Building Society increased its total assets by 9.72%, from £470.50m to £516.22m, during the financial year.

This was principally due to a £44.47m growth in retail savings balances.

Mortgage balances rose by £8.36m, to reach £345.85m from £337.49m in 2022, and gross lending climbed to £91.28m, from £60.71m in 2022.

Lending growth followed the conclusion of a core system migration, with the society returning to the residential lending markets via new product releases throughout the year. 

Residential property mortgages for owner-occupiers represented 87.46% of the total advanced over the financial year, compared with 77.41% in 2022.

The remaining 12.54% was secured against residential buy-to-let and self-build properties, compared with 22.59% in 2022.

Three-fifths (59.50%) of advances were sourced through mortgage brokers.

In 2023, the Hanley Economic raised approximately £30,000 for the Dougie Mac Hospice through the support of its Dougie Mac Savings account.

This helped take the running total raised to over £300,000 since the onset of this charity partnership.

In addition, through its Charity Saver Account interest donation, £11,000 was split between four local partner charities – Arch, Glow, Dougie Mac and YMCA.

Since 2019, the society has donated over £42,000 to these causes. 

Mark Selby, CEO at Hanley Economic Building Society, said: “Hanley Economic Building Society has been helping Members buy their own homes and save for their futures since 1854.

“As this year has been the final part of our transition to a new banking system, 2023 has been important in securing the long-term future of this very special organisation. 

“I am pleased with the full 2023 financial results, and I think they are already beginning to show the benefits of the new system.

“Asset growth, net lending and profit have all exceeded budget, and this has supported the Society in being able to increase interest rates several times for all our savers.

“At times, we have offered the best interest rate product in the UK.”

“The Society continues to innovate from a mortgage perspective and ensure our position within core lending arenas is maintained.

“As a lender, we remain committed to helping both aspiring first-time buyers to get onto the property ladder and in supporting existing homeowners with their remortgage aspirations.

“The Society also continues to work closely with self-build brokers to support their clients with their dreams of building their own homes.

“The intermediary market will continue to play a key role within our mortgage lending plans and we will look to further bolster our product range in an innovative and responsible manner over the course of the next 12 months.”