Bath Building Society records record high for mortgage lending

Jake Carter

March 23, 2021

Mortgage lending at Bath Building Society reached £60.6m in 2020, a record high for the lender.

This is up from £43.3m in 2019.

As well as this, it grew its mortgage book by 7.9% to £267.4m, up from £247.7m the year prior.

It also increased its base of funding by 6.4% compared with 1.7% growth in the previous year.

Overall, the society’s total assets rose to £353.4, an increase of 6.5% on the previous year.

Profit on ordinary activities before tax was £2.3m, down from £2.7m in 2019, which delivered a 4.7% increase in its reserves to £40.3m, up from £38.5 the year before.

Kevin Gray, chief executive at Bath Building Society, said: “Despite the disruption caused by COVID-19, the society has delivered record levels of lending and mortgage book growth.

“Our savings balances are also at a record level and our balance sheet remains one of the strongest in the sector.

“Our strategy will remain focussed on improving the lives of our growing membership through promoting saving as a means of achieving financial security and by facilitating home ownership.”

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