'Brilliant foundations for ongoing growth' says Dudley Building Society chief
The Dudley Building Society has 'brilliant foundations to support ongoing growth', its chief executive has said after its financial results for the year were revealed.
The building society, now in its 165th year, announced profits of £2.7m before tax, with record capital resources of £30.5m.
Total mortgages grew six per cent, the society also announced, making it the 26th biggest in the UK.
There were only seven accounts in three or more months arrears, representing 0.1 per cent of all mortgage balances, and it had the second highest year ever of gross lending – a 58 per cent increase.
Savings balances reached £453m, the highest figure since the society began,
James Paterson, who was appointed chief executive officer at the society in July 2022, said: “We are delighted to report a year of great results for the Society, where we’ve helped many more people aspiring to live a better life.
“This year we have been there when our customers needed us, to help those facing challenges due to the rising cost of living with their mortgages, and to support our savers across our branch network and online.
"We would encourage customers to talk to us if they are worried and we will continue to do what we can to help.”
He added: “Regardless of the economic conditions, the society has brilliant foundations to support our ongoing growth, with a strong and secure financial position, products and services that our customers value, and a team of motivated and enthusiastic colleagues.”
The society also revealed that £50,000 had been donated to local community causes during the year, its carbon footprint was down 68 per cent since 2020 and it revealed a colleague engagement score of 77 per cent.
“I want to thank everyone in our team for the difference they make in being there for our customers and delivering on our ambitions," Mr Paterson added.
“Our ambition is to continue to grow the society, and our purpose is to help people live better lives. We will be there for both our customers and communities, when they need us, to listen and act.
“I’m passionate about ensuring that the society continues to thrive and grow, following in the footsteps of the people that came before us for another 165 years.”
