Hanley Economic Building Society has reported strong financial results for the year ending 31st August 2024, driven by notable lending performance.
Mortgage balances increased to £379.62m, up from £345.85m in 2023, representing a 9.77% growth.
New mortgage lending rose by 4.12%, reaching £95.04m in 2024 compared to £91.28m the previous year.
Total assets grew by 2.45%, from £515.24m in 2023 to £527.84m in 2024, with an £18.84m increase in retail savings balances.
Operating profits surged by 171.55%, climbing from £923,000 in 2023 to £2,506,000 in 2024.
In recognition of its 170th anniversary, staff at Hanley committed to 170 days of volunteer work, exceeding this target.
The society continued its support for Dougie Mac Hospice, donating £25,000 in 2024, bringing the total contributions through the Dougie Mac Savings account to over £336,000.
An additional £9,000 was distributed among four partner charities via the Charity Saver Account, increasing total donations since 2019 to over £51,000.
The newly established ‘Hanley at Home Fund,’ in partnership with the Community Foundation for Staffordshire, allocated £15,000 to local projects, with £8,000 already donated.
Mark Selby, CEO of Hanley Economic Building Society, said: “It’s pleasing to share such a strong set of results across the board for 2024, especially given the economic challenges we, and the rest of the industry, have faced.
“We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates.
“This positions us well for future lending expansion in 2025 and beyond.
“The housing market is showing early signs of recovery.
“As a member-owned organisation, we strive to balance our savings and mortgage rates carefully, maintaining savings rates even when the Bank Base Rate declines.
“While this balance is essential for protecting our capital reserves, I’m optimistic that an improving economic outlook will bring greater stability.
Selby added: “We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers, and landlords.
“We’re also focused on assisting older generations in accessing equity for diverse needs.
“By reducing rates and eliminating fees where possible, we’re ensuring our products remain accessible throughout all stages of the borrowing lifecycle.
“Our goal for the coming year is to continue innovating responsibly while further strengthening relationships with our intermediary partners.”
