It posts its highest ever pre-tax profit
Darlington Building Society has announced record-breaking financial results, posting its highest pre-tax profit since it was founded in 1856.
The society’s profit before tax reached £3.2 million last year, a significant increase from the £0.7 million achieved the previous year.
The balance sheet of £752 million is also its highest ever and is ahead of Darlington’s position before the global financial crisis in 2008.
Andrew Craddock, chief executive at Darlington Building Society, said that in 2021, the company was able to balance the various elements of its operation.
Read more: Darlington named Building Society of the Year.
“To achieve record-breaking financial results while investing in new systems to improve the member experience, and to do it in a single year, amid the most challenging circumstances, is incredible,” he said. “In many ways, 2021 was even harder than 2020 because no-one expected the pandemic to drag on so long. A lot of the staff found it really tough, and that’s what makes the performance of the business even more remarkable.”
Last year, Darlington made a major investment in new technology. This included a new website, a more customer-friendly telephone system, a new payment system, a new broker platform, and the migration of its IT structure to the Cloud.
Darlington is now gearing up for its annual general meeting, to be held on April 25 at the Great North Air Ambulance Service headquarters.
