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Dudley sees pre-tax profit rise annually

Jake Carter

June 8, 2021

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Dudley Building Society has seen its pre-tax profit rise annually from £1.48m in 2020 to £2.21m in 2021.

Despite this, the society’s mortgage lending has fallen from £125.1m in 2020 to £21.3m this year.

Looking to its total assets and reserves, the figures remained broadly in line year-on-year.

Total assets fell from £541.3m to £525.7m, whiles reserves rose from £24.9m to £26.7m.

Jeremy Wood, chief executive of Dudley Building Society, said: “On a business level, whilst the pandemic might have curtailed our lending ambitions during 2020, the society has weathered the conditions extremely well.

“We also enabled members new and old to access accounts through an e-savings channel.

“Since its launch, take up and usage have been very encouraging.

“Decisions taken at the start of the pandemic gave the society increased capacity to maintain services through the branches and continue our policy of providing higher than average rates for savers.

“It also meant we could actively engage with borrowers financially affected by the pandemic and offer advice and support to them.

“Over 500 mortgage payment holidays were put in place during the period and we continue to reach out to borrowers who might be experiencing payment difficulties.

“Lending levels are increasing again and thanks to the dedication of our employees, the society’s whole proposition has proved to be resilient, even in the face of these extraordinary conditions.”


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