Hanley Economic Building Society has said it is in a good position for future lending expansion this year following a ‘strong’ set of latest financial results.
The Stoke-on-Trent-based organisation saw mortgage balances increase to £379.62 million for the year ending 31 August 2024, up from £345.85 million in 2023, an almost 10 per cent jump.
New mortgage lending rose by four per cent reaching £95.04 million compared to £91.28 million the previous year.
This growth is attributed to building on the successful conclusion of a core system migration which has enabled the Society to enhance its product and service offerings for members and intermediary partners.
Total assets grew year-on-year by two per cent from £515.24 million in 2023 to £527.84 million in 2024. This was primarily driven by an £18.84 million increase in retail savings balances.
Additionally, the Society reported a 171 per cent surge in operating profits, climbing from £923,000 in 2023 to £2,506,000 in 2024.
CEO Mark Selby said: “It’s pleasing to share such a strong set of results across the board for 2024, especially given the economic challenges we, and the rest of the industry, have faced.
“We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates. This positions us well for future lending expansion in 2025 and beyond.
“The housing market is showing early signs of recovery. As a member-owned organisation, we strive to balance our savings and mortgage rates carefully, maintaining savings rates even when the Bank Base Rate declines. While this balance is essential for protecting our capital reserves, I’m optimistic that an improving economic outlook will bring greater stability.
“We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords. We’re also focused on assisting older generations in accessing equity for diverse needs.
“By reducing rates and eliminating fees where possible, we’re ensuring our products remain accessible throughout all stages of the borrowing lifecycle. Our goal for the coming year is to continue innovating responsibly while further strengthening relationships with our intermediary partners.”
In celebration of its 170th anniversary, all Hanley colleagues committed to 170 days of volunteer work to support various local charities—and they exceeded this target.
The society donated £25,000 to the Dougie Mac in 2024 bringing total contributions to over £336,000 through the Dougie Mac Savings account.
Furthermore, £9,000 was shared among four partner charities and the newly launched ‘Hanley at Home Fund,’ in collaboration with the Community Foundation for Staffordshire saw £15,000 allocated to local projects.
