New mortgage lending reaches new high
Cambridge Building Society has announced that it achieved strong 2021 results, with record pre-tax profits of £11.9 million and capital reserves of £100.6 million – going over the £100 million mark for the first time in its history.
This achievement was facilitated by £318 million of new mortgage lending, leading to mortgage book growth of 4.3% and strong liquidity assets of £303 million, with total asset growth of 1.6%.
Part of Cambridge’s success last year was due to an increase in underlying performance, supported by prevailing low interest rates, as well as a number of one-off financial market movements on its interest rate swap portfolio.
In June alone, the building society completed 254 mortgage transactions totalling more than £51 million of lending – a record since it was established in 1850.
Read more: The Cambridge Building Society achieves best ever month for lending.
“I could not be more delighted with our results for 2021, which are testament to the hard work and dedication of a committed team of experts. 2021 continued to be a challenging year for most, but we are proud of the resilience we have shown throughout the year,” Peter Burrows, chief executive at Cambridge Building Society, said.
