Hanley Economic Building Society has achieved significant growth across several key financial metrics for the fiscal year ending in August 2024.
- Mortgage balances saw a robust increase, growing by nearly 10% to reach £379.62m from £345.85m the previous year.
- New mortgage lending also experienced growth, registering a 4.12% rise to £95.04m compared to the previous year.
- The Society’s total assets expanded by 2.45%, coupled with a notable surge in operating profits by 171.55%.
- Hanley Economic’s commitment to community support was evident through volunteer work and substantial charitable contributions.
In a year marked by considerable economic challenges, Hanley Economic Building Society reports remarkable growth in its mortgage balances, achieving a near 10% rise to £379.62m. Such an increase from £345.85m highlights the Society’s strength in lending performance. Moreover, new mortgage lending showed a 4.12% increase, reaching £95.04m, demonstrating Hanley Economic’s robust financial health.
The Society revealed an impressive overall asset growth of 2.45%, climbing from £515.24m to £527.84m. Alongside this, an £18.84m increase in retail savings balances was reported, underlining the institution’s growing appeal to savers. The operating profits surged dramatically by 171.55%, up from £923,000 to £2,506,000, marking an outstanding financial turnaround.
In its 170th anniversary year, Hanley Economic staff dedicated 170 days to volunteering, surpassing their target. Their continuous support for Dougie Mac Hospice led to donations totalling £25,000 in 2024. Contributions from the Dougie Mac Savings account have now exceeded £336,000. Additionally, the Society allocated £9,000 through its Charity Saver Account among four partner charities, increasing total donations to over £51,000 since 2019.
The newly created ‘Hanley at Home Fund’ in collaboration with the Community Foundation for Staffordshire has already provided £8,000 from a total allocation of £15,000 aimed at supporting local projects. This initiative underscores the Society’s commitment to community enhancement and support.
CEO Mark Selby expressed satisfaction with the Society’s accomplishments, citing solid asset growth and meeting budget objectives in net lending and profits as key achievements. Selby emphasised the importance of maintaining liquidity and balancing savings rates, even amidst declining Bank Base Rates, to safeguard capital reserves. This approach positions Hanley Economic favourably for future expansion in mortgage lending.
Looking forward, the Society is keen on diversifying and expanding its mortgage offerings. Targeted efforts include aiding first-time buyers, remortgage clients, self-build borrowers, and landlords. The initiative also focuses on streamlining access to equity for older generations. By adjusting rates and eliminating fees, Hanley Economic aims to ensure product accessibility across every stage of borrowing. Their long-term goal encompasses responsible innovation and strengthening partnerships with intermediary partners.
Hanley Economic Building Society has positioned itself strongly for continued growth and community support amidst evolving economic conditions.
