Cumberland Building Society marked its 175th anniversary, with its savings and mortgages balance sheet reaching a record £3.33bn for the year.
Mortgage lending increased by 6.6% to £2.76bn and savings balances went up by 7.1% to £3.01bn.
Profit was lower than last year, down from £9.6m in 2023-24, with the society posting a pre-tax profit of £1m.
The reduction was mainly due to significant investment in the New Cumberland project, aimed at upgrading its banking platform.
Operating profit fell from £27.4m to £20m, mainly due to high inflation and falling interest rates affecting margins.
Jackie Arnold (pictured), chair of The Cumberland, said: “We previously stated that the investment in New Cumberland would be reflected in profitability for the next two or three years and that has been the case this year.
“However, thanks to the strong performance of the business, we’re delighted to say we were in fact profitable.
“Your Board is convinced that working on New Cumberland is the right decision and the best way to secure the Society’s long-term future.”
Des Moore, CEO at The Cumberland, who is set to step down in 2026, said the society’s success was down to its community focus and mutual model.
Moore said: “We have no external shareholders demanding a quick return on capital.
“This enables us to take long-term decisions in the best interests of members. I am genuinely excited by the potential of the Society to do good and achieve more.
“We have a promising future as well as an illustrious past.”
