Dudley Building Society’s profits rise

The 159-year-old society's pre-tax profit figure for the year to the end of March increased from £1.33 million to £1.72m. It lent £51.9m during the ye

The 159-year-old society’s pre-tax profit figure for the year to the end of March increased from £1.33 million to £1.72m.

It lent £51.9m during the year compared to £57.4m in 2015-2016, but total assets rose from £353.7m to £354.7m and reserves increased from £19.9m to £21.3m..

Chief executive Jeremy Wood said that the society was in a strong position and had built on its successful performance of the past few years and was now larger than at any time in its history.

“The society experienced a very satisfactory year. We continue to grow our business and we are employing more people than ever to meet the evolving needs of our customers.

“We have experienced great success by leading the market which serves older borrowers. Local savers can still take advantage of our sector-leading five-year fixed rate bond available through any of our branches,” he said.

The society closed its Stourbridge branch during the year, due to falling usage, and relocated its Kingswinford branch to larger premises.

It has experienced high levels of mortgage applications and at the end of the financial year it had the highest pipeline of new business that it had ever known.

Savings balances of members stood at £330.2m at the end of the financial year.

The society, which now has five branches, will be hosting its annual general meeting on July 20 at Himley Hall. The event will begin at 2pm and gardening expert Howard Drury will be the guest speaker.

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