Hanley Economic Building Society has posted impressive financial results for 2024, amidst a challenging economic landscape.
- Mortgage balances saw a significant rise, nearing a 10% increase over the previous year, reaching £379.62 million.
- New mortgage lending also showed growth, increasing by over 4% compared to the last period, hitting £95.04 million.
- The society’s assets and profit margins expanded notably, alongside their commitment to charitable causes.
- CEO Mark Selby expresses optimism for continued growth and support for diverse borrower needs.
In an environment marked by economic uncertainties, Hanley Economic Building Society has emerged with strong financial results for the year ending 31st August 2024. Mortgage balances have expanded significantly by 9.77%, reaching a substantial £379.62 million from £345.85 million in 2023. This growth underscores the society’s resilience and strategic positioning within the market.
New mortgage lending increased by 4.12%, amounting to £95.04 million, indicating a positive trend in the society’s lending activities. The organisation’s total assets rose by 2.45%, climbing to £527.84 million from £515.24 million, reflecting effective financial management and operational efficiency.
The society has also seen a remarkable surge in operating profits, which jumped by 171.55%, reaching £2,506,000 compared to £923,000 the previous year. This financial health positions Hanley Economic favourably for future opportunities and challenges alike, highlighting their capability to adapt and thrive.
Alongside their financial achievements, the society commemorated their 170th anniversary with significant community engagement. Staff contributed over 170 days of volunteer work, surpassing their initial target and reinforcing the organisation’s commitment to social responsibility. Additionally, £25,000 was donated to Dougie Mac Hospice in 2024, raising total contributions via the Dougie Mac Savings account to more than £336,000.
Charitable efforts extended further with an additional £9,000 distributed among four partner charities through the Charity Saver Account, cumulatively exceeding £51,000 in donations since 2019. Moreover, the ‘Hanley at Home Fund,’ in partnership with the Community Foundation for Staffordshire, allocated £15,000 to local projects, with £8,000 already dispersed.
CEO Mark Selby highlighted the strong results achieved in 2024, emphasising asset growth and meeting budget targets for net lending and profitability despite economic hurdles. He noted that these outcomes position the society well for future lending expansion plans. Selby expressed optimism about the housing market’s early recovery signs, affirming the society’s dedication to maintaining competitive mortgage and savings rates.
Selby further stressed the society’s commitment to broadening mortgage offerings to support various borrower demographics, including first-time buyers, remortgage clients, self-build borrowers, and landlords, as well as helping older generations access equity. By adjusting rates and removing fees where feasible, Hanley Economic aims to keep products accessible at all life stages.
Looking ahead, the society aspires to continue responsible innovation while strengthening ties with intermediary partners, ensuring a balanced approach to growth and stability in the coming year.
Hanley Economic Building Society’s robust financial performance in 2024 showcases its strategic excellence, commitment to community, and preparedness for future growth.
