Dudley BS reports record lending figures in year end results

26 June 2019

In its most successful year to date, Dudley Building Society has reported record volumes of lending of £92.6m in 2018/19, up from £82.9m in the previous year.

A pre-tax profit has been reported of £1,602,000 supporting a year end total asset base of £438.5m with savings balances up by £26.6m in the year, taking overall deposits to a record £362.2m.

Chief Executive, Jeremy Wood said, “I am delighted with the progress we have made in the last year with record lending and increased profitability. The Society’s success also coincided with our 160th anniversary and on top of the headline figures we continue to grow as a business, as can be seen by the increase in our workforce from 89 to 110 during the year. I am particularly proud of the efforts of all of our staff, which was highlighted by the award of Customer Service Champion at the British Bank Awards in March.”

Jeremy continued, “The Society remains committed to its lending distribution strategy through the intermediary sector. Our belief in the primacy of whole of market advice from qualified professional advisers has been more than justified as can be seen from our increasing lending figures. We have historically championed underserved areas of the mortgage market, such as Later Life Lending, and have recently developed significant traction by adopting an holistic approach to family lending by helping parents support their children into the property market, as well as recognising the trend for children helping their parents.

The Society will continue to thrive and progress with continued system development, process enhancements and growing employee skills, ensuring we deliver the kind of products and services for our members and business partners for years to come.”