Hinckley & Rugby Building Society achieved double digit growth in its mortgage lending in 2017.
In its annual results, the Society announces it increased its mortgage advances by 12% in the 12 months to November 30 2017. Advances totaled £193m, compared to £172m in the same period a year earlier.
Chris White, chief executive at Hinckley & Rugby, said: “The results reflect a year of great achievement by the whole Hinckley & Rugby family of staff. They have worked hard for our customers and with intermediaries to build long term relationships, reflected in our excellent levels of retention.
“New mortgage lending continues to be of very high quality. That has been our longstanding approach and has consistently resulted in mortgage arrears being exceptionally low.”
With a mortgage book up 15% at £620m and a £50m-plus pipeline of mortgage business at the start of the current year, Hinckley & Rugby’s performance is continuing a trend of growth sustained for several consecutive years.
During its financial year the society helped 327 first-time buyers purchase their first home and enjoyed a strong 12 months in buy-to-let mortgages, which ended the year at 21% (£131m) of the overall book – up from 18% a year earlier.
There was an increase in net interest income to £7.89m (2016: £7.08m) and the net interest margin was largely sustained at 1.15% (2016: 1.17%).
Those figures helped Hinckley & Rugby to improve its profits before tax from £341,000 in 2016 to £1.3m in 2017.
Colin Franklin, chairman, said: “2017 was another year of strong growth in the Society’s mortgage book and its savings balances.
“Profitability improved and the Society continued to invest in its branch network and its people and systems, to support future growth for the benefit of our members.”