H&R lend over £100m
The building society enjoyed more than 18% growth in mortgage advances for the year to the end of November 2013.
Chris White, chief executive, said: “It was a transformational year for us. We increased our capacity ready for increased levels of applications which duly arrived as the market became more optimistic.”
Mortgage advances increased from £16.1m to £103.7m, while net mortgage applications increased by 38% from £83.4m to £113.4m.
2014 has begun with £33.8m of business, with the aim being to advance more than £130m in 2014.
White added: “We have started the year in a really strong position.”
“The additional staff are in place to enable the society to do more mortgage business. We have invested in that capacity to maintain our outstanding service to customers and brokers as the volume of lending increases and our savings balances grow.”
Net interest income rose to £5.16m in 2013, while there was an improved net interest margin of 0.91% compared to 0.77% in 2012.
Administrative expenses rose from £4.61m to £4.93m as the society refurbished branches and hired additional staff.
2013 saw Hinckley & Rugby borrow £25m from the Bank of England’s Funding for Lending Scheme, but the year also saw funding from the wholesale market significantly decreased from £79.4m to £27.2m.