The Hanley Economic Building Society has reported an almost 10% increase in mortgage balances, reflecting robust financial health and strategic growth.
- Mortgage balances reached £379.62 million, marking a substantial rise from the previous year’s £345.85 million.
- New mortgage lending saw a 4.12% increase, indicating a strong lending performance amidst economic challenges.
- The society’s operating profits soared by an impressive 171.55%, highlighting strong financial management.
- Commitment to community support continues with significant donations to local charities and projects.
Hanley Economic Building Society has demonstrated significant financial success with a near 10% growth in mortgage balances, reaching a total of £379.62 million, up from £345.85 million last year. This increase illustrates the society’s robust position in the mortgage market and strategic lending development.
In a competitive market, Hanley Economic has achieved a 4.12% rise in new mortgage lending, totalling £95.04 million in 2024 compared to £91.28 million in the prior year. This growth underscores the society’s effective response to economic challenges and its ability to attract new customers seeking mortgage solutions.
Operating profits have shown remarkable growth, increasing by 171.55% from £923,000 in 2023 to an impressive £2,506,000 in 2024. This leap in profits signifies enhanced financial operations and prudent management strategies employed by the society.
Continuing its charitable initiatives, Hanley Economic has exceeded its goal of 170 days of volunteer work to mark its 170th anniversary. The society has maintained its support for the Dougie Mac Hospice, donating £25,000 in 2024, and cumulative contributions have surpassed £336,000 through the Dougie Mac Savings account.
In addition to its sustained charitable efforts, £9,000 was distributed via the Charity Saver Account to four partner charities, taking total donations to over £51,000 since 2019. The newly introduced ‘Hanley at Home Fund,’ in collaboration with the Community Foundation for Staffordshire, has allocated £15,000 for local community projects, with £8,000 already dispensed.
CEO Mark Selby commended the strong results, attributing them to solid asset growth, meeting budgetary targets, and maintaining liquidity alongside attractive savings rates. Selby noted, “We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates.”
Looking ahead, Hanley Economic remains committed to expanding its mortgage offerings, aiming to support a diverse range of borrowers, including first-time buyers and self-build projects. They also focus on helping older generations unlock equity for their needs. Selby highlighted, “We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers, and landlords.”
Hanley Economic Building Society’s strategic growth and community commitment underscore its stability and forward-looking vision.
