Net lending was also up with total mortgage balances breaking the £100 million mark rising by 10% from £91.14 million to £101.03 million. The Leiceste
Net lending was also up with total mortgage balances breaking the £100 million mark rising by 10% from £91.14 million to £101.03 million.
The Leicestershire-based society continued to attract new funding from savers with balances increasing by £2.4 million to £115.78 million.
The results are for the 12 months to 31 March 2017 where overall growth was 2.99%, up from 2.27% in the previous financial year, taking Earl Shilton’s total assets to £127.66 million.
Profits added to reserves were a healthy £547,163 and total reserves exceed £10 million for the first time in the society’s history.
Earl Shilton is the second smallest building society in the UK and celebrates its 160th anniversary this year.
Chief executive Paul Tilley (pictured) said: “I am pleased to report the society has enjoyed another positive year. We have continued to grow and we were able to add a robust level of profit to our reserves to enhance our financial strength.
“In many ways the last 12 months have been momentous, with major changes to the political and economic landscapes in the UK and abroad which will inevitably have a knock-on effect for the finance sector.
“The UK economy has remained remarkably resilient over the last few years, however, and the fact the society is now in its 160th year is testament to its ability to endure.
“The society is well placed to continue to grow, prudently and profitably, for the benefit of its members. Belief in the value of personal service remains at the heart of what we do, and we look forward to meeting our members in person at our upcoming AGM, discussing these results and our plans for the future with them.”
The AGM takes place on 12 July at the Age UK Senior Citizens Centre in Earl Shilton starting at 6pm.