The Cambridge Building Society made a record profit before tax of £20.5m for the year ended 31st December 2023.
The Cambridge saw 6% growth in its mortgage book, surpassing £1.5bn for the first time in its history, while savings balances grew by 9%.
The society increased the average rate paid to savers by 1.86%, outpacing the 1.75% increase in the Bank of England base rate.
The mutual also revealed that its capital reserves now stand at £127m alongside liquidity assets totalling £331m.
One notable development for the society during the year was the establishment of its partnership with specialist mortgage lender Roma Finance.
The mutual aims to expand this partnership further to provide its customers with over £100m of lending, further solidifying its foothold in the lending sector.
In addition, the Cambridge’s ‘Customer Experience Score’ reached its highest level since before the pandemic.
94% of customers said that The Cambridge met or exceeded their expectations, and 95% said that they believed that service quality had been maintained or improved over the year.
Peter Burrows (pictured), chief executive at the society, said: “2023 was by all measures a successful year for The Cambridge Building Society.
“We continued to provide excellent customer service, delivering year-on-year improvements and outstanding levels of customer and employee satisfaction that are validated by independent surveys.
“Our financial performance is the best it has ever been. 2023 saw high inflation and multiple interest rate increases, but we remained dedicated to finding a fair balance for our borrowers and savers, while at the same time investing in our people to further support the development of our business.”
He added: “Our commitment to our community is unwavering, as illustrated by the scale and breadth of our community activity, all focused on helping local people have a home.
“I’m proud of what we have achieved together, and the positive impact it has had on our customers, our communities, and our team members.
“Our focus on serving our loyal members and delivering great customer service has helped us thrive.”
