Strong results for The Tipton
Despite the challenges of the Covid-19 pandemic the Tipton and Coseley Building Society has reported another set of strong results for 2020.
The Tipton achieved mortgage book growth of 7.2 per cent with gross mortgage lending of over £77 million during the year.
Savers increased their investments by more than £7 million and pre-tax profit was £1.1m as total assets increased to a record £417m.
During the year the Tipton became the first Building Society to launch a mobile app that enables new customers and existing members to open, view and manage savings accounts on the go, whilst mortgage customers can view their balance too. The society also received mortgage applications totalling more than £150m for the year.
Richard Newton, the Tipton’s chief executive, said: “The board is immensely proud of and thankful to our staff for the way they have risen to the challenges of the pandemic. Our staff are the vital ingredient in our continuing success and our 2020 results are testament to this.
"The society has entered 2021 with a strong pipeline of new mortgage business all of which has been underwritten by our own qualified and experienced team. Customers benefit from our approach as we consider their individual circumstances from the outset rather than using automated credit scoring.”
