Hinckley and Rugby lending up 14pc
Announcing its results for the 12 months to November 30 2012 Hinckley & Rugby reports mortgage advances of £88m, up from £77m in the previous year.
Overall funding increased during the year by £7.3m to £530.8m, a reversal of the £11.9m decline in the previous 12 months.
Profit for the year after taxation was £94,000 compared to £73,000 in the previous 12 months. Total assets at the yearend were up to £580.5m from £573.4m in 2011. Mortgage balances were also up increasing from £423.8m to £435.6m.
In 2013 the Society is aiming to advance £120m in part fuelled by money from the Bank of England’s Funding for Lending scheme.
Chris White, Hinckley and Rugby chief executive, said: “Hinckley & Rugby continues to prosper in what remains a hugely challenging market, thanks to its staff’s hard work and commitment to outstanding customer service.
“The Society is making an application for funding from the Bank of England’s Funding for Lending Scheme which will provide low cost funding to help the Society increase mortgage lending in 2013.
“We expect the market to increase and also to grow our share of that expanding market. The growth will come from across our customer base, including helping more first time buyers and buy-to-let landlords.
“Thanks to the Funding for Lending Scheme we can confidently anticipate that growth and expand our mortgage team to build capacity to service increased demand.”
The results also revealed that just 38 borrowers (0.58%) were a month or more in arrears with their monthly repayments as of November 30 2012 which is just one fifth of the industry average reported by the Council of Mortgage Lenders.