BEVERLEY Building Society secured a record 30 per cent growth in net profits last year, despite a “challenging” economic backdrop.
In 2014, Beverley achieved net profits of £329,000, which it said was due to its “back-to-basics approach” of offering uncomplicated mortgage and savings products.
Peter Myers, the chief executive, said: “I am delighted to announce that results have been strong, with a fourth consecutive year of increased profits driven by a record £25.7m of gross mortgage lending and savers’ balances up by £2.1m to £170.8m, with all net profit being reinvested in the society’s capital reserves.”
He added: “The Beverley is an integral part of the East Yorkshire community, lending over £70m in the last three years and we have also supported over 40 charities during this time.”
Over the year, the mutual also hired three interns, three graduates, a management trainee, a new marketing manager, and an apprentice.
Mr Myers said: “Overall, as a traditional, long-established building society we have responded to the requirements of operating in a global market. We feel very proud of our local heritage and the part we play in supporting young professionals and families (so they can) get on the property ladder and save for the future.”
Beverley has around 13,000 members, and a single branch in Beverley, which is supported by a national network of mortgage brokers. It has 20 staff and is due to celebrate its 150th anniversary next year. Mr Myers said that the society’s total membership had risen by around 200 during 2014, with many of the new recruits attracted by the mutual’s junior ISA. The AGM will be held on April 27 at Brown’s Department store in Beverley at 5.30pm.