The Tipton achieved mortgage book growth of 11.3%, with gross mortgage lending reaching £116m in 2023.
Total assets as at the year-end stood at £603m, an annual increase of over 11%, marking the third successive year of double digit asset growth for the society.
Rising interest rates supported another strong profit performance, with profit before tax coming in at £4.3m.
According to The Tipton, its savings members benefitted from rates 1.32% above market average rates over the year, resulting in the attraction of £51m in new savings balances from both existing and new members.
The society made charitable donations of £47,705, including £9,000 to the Midlands Air Ambulance and £12,000 to the Black Country Foodbank, and pledging a further £12,000 to the Foodbank in 2024.
Adam Evetts, the Tipton’s chief executive, said: “2023 was another incredibly successful year for the Society despite the economic and market conditions, and we remain focused on our principal purpose of helping members to own a home at all stages of life, and to help them save for the future.
“Our record levels of mortgage lending and strong savings inflows demonstrate our belief that offering customers fairly priced products and great customer service pays off.
“I’m looking forward to developing these areas further, with us embarking on a number of significant projects in 2024, and seeing the Society grow from strength to strength as a regional building society.
“Our success during 2023 would also not have been possible without the support and commitment of all our colleagues and members, and our important relationships with mortgage brokers.
“My thanks go to everyone involved; they’ve played a vital role in our successful year.
“As a society, we are financially strong and well positioned to respond to any economic uncertainty and will continue to take opportunities as they arise. Thank you for your continued support.”
