Vernon Building Society reached its centenary with total assets surpassing £500m for the first time in its history.
The mutual saw assets grow by 10% to £506m, and profit before tax rose to £3.5m.
Gross mortgage lending increased from £76.4m in 2023 to £89.6m in 2024, aided by efforts to support underserved markets.
Retail savings balances increased by 9% to £447m, contributing to the mortgage book’s expansion.
Darren Ditchburn (pictured), CEO of Vernon Building Society, took over from Steve Fletcher who retired in December 2024.
Ditchburn said: “Thanks to the leadership and dedication of Steve Fletcher, the Vernon has been left in a position of strength, and we are able to look ahead with ambition and purpose to ensure we remain a thriving, modern mutual for generations to come.”
“None of this would be possible without our amazing colleagues who are the driving force behind our success.
“We’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the preferred choice of building society in Greater Manchester and Cheshire by helping Members grow their savings and buy they own home. All with sustainable growth at the heart of our strategy.”
