Ecology Building Society smashes through the £1m profits barrier

Ecology Building Society has broken the £1m profit barrier for the first time after seeing a 36 per cent increase in mortgage lending.
7 February 2017 .......  Ecology Building Society chief executive Paul Ellis at their offices in Silsden near Keighley.  Picture Tony Johnson7 February 2017 .......  Ecology Building Society chief executive Paul Ellis at their offices in Silsden near Keighley.  Picture Tony Johnson
7 February 2017 ....... Ecology Building Society chief executive Paul Ellis at their offices in Silsden near Keighley. Picture Tony Johnson

Ecology surpassed 2017’s profits of £900,000 as well as lending £38.4m, an increase on just over £10m from the year prior.

The firm, based in Silsden, provides lending to projects supporting individuals and communities to adopt green building practices, improve the energy efficiency of the UK’s housing stock and to live or work in a way that promotes a sustainable economy.

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The results build on more than 35 years of uninterrupted profitability for the business.

Chief executive Paul Ellis hailed the results as a vindication of the company’s ethical practices.

He said: “Our continued growth and record results show that finance that benefits people and planet can be profitable.

“The recent Extinction Rebellion protests and Greta Thunberg’s visit to London have put the spotlight on the need for urgent action to tackle the climate emergency.

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“Our members have long recognised the need for finance to combat climate change and they can be confident that their money is helping to support the transition to a low-carbon economy.

“We’ve been providing sustainable mortgages for more than thirty years, offering innovative discounts that base our mortgage rates on a property’s climate impact, and incentivising the most energy efficient homes and projects.

“Initiatives such as the European Energy Efficiency Mortgage scheme (EEM), of which Ecology is a participant, and the Government’s interest in green mortgages are positive signs of growing interest in our model.

“We have a strong pipeline of lending opportunities which will enable us to continue to grow our mortgage book throughout 2019 while maintaining our commitment to our core principles of sustainability.”