The Tipton & Coseley Building Society reports record savings in financial results
Retail savings deposits rose by £53m, taking total savings balances to a record £577m, up from £524m the previous year.
Tipton & Coseley Building Society reported its results for the year ended 31st December 2025, with gross mortgage lending at £107m, down from £120m in 2024.
Retail savings deposits rose by £53m, taking total savings balances to a record £577m, up from £524m the previous year.
Members received rates 1.25% above the average, which meant £6.9m in additional interest.
Profit before tax was £1.2m, compared to £2.3m in 2024.
Adam Evetts, CEO at Tipton & Coseley Building Society, said: “Despite operating in a highly competitive market, we have achieved good results, while commencing ambitious plans for the Society’s future.
“Financial performance remained robust, though lower than recorded in recent years which had been impacted by the rising Bank Rate environment.
“This has now abated as interest rates return to more normal levels. We have maintained our focus on providing products and services that customers truly value, while carefully managing our net interest margin, improving operational efficiency and keeping tight control over our cost base.”
Evetts added: “Importantly, we have started delivery of a substantial transformation plan, Tipton Tomorrow, designed to modernise how we work and help us adapt to changing customer needs.
“The first steps involved developing a new mortgage origination platform to streamline our underwriting practices.
“Once in use, the platform will ensure high levels of customer service, reduce our application to offer times and create capacity for future growth.”
He said: “This project accounts for the slight reduction in lending volumes during 2025. We temporarily scaled back new lending to protect service standards so teams could focus on delivering such a key infrastructure change.
“Tipton Tomorrow progresses into 2026 and beyond, encompassing our IT estate, business processes and branch network.
“It will see us create modern retail and working environments, starting with our Tipton head office which is undergoing a full renovation.”
He added: “Competition in the sector remains intense, particularly for savings. Nevertheless, our attractive rates helped us retain existing balances and welcome many new savers.
“We also extended our product range to feature business savings accounts and joined a deposit aggregator platform, connecting us to people who might not traditionally save with the Tipton.
“The trend of mainstream banks withdrawing from the high street continues, however we remain committed to providing branch-based services for our customers.”
He said: “We are delighted to have expanded into Codsall, our first new branch location for over 30 years.
“This is a further illustration of our commitment to helping local communities, ensuring access to vital facilities, and offering financial contributions and volunteer support to charities and groups active in those areas.
“We are proud of our achievements and look forward to a milestone year in 2026, when we will celebrate the Tipton’s 125th anniversary.”
He added: “Our strategy is defined, built around a clear vision and purpose, so we can continue to thrive as an independent building society, firmly rooted in the Black Country.”
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