Announcing its results for 2006, after tax profit were up by more than 34 per cent to £16.4m, with total gross mortgage lending (including book acquisitions) showing a 33.8 per cent increase over the previous year. Also, in a fiercely competitive financial services arena, The Derbyshire attracted record savings with Society balances standing at £3.5bn.
The Derbyshire’s total assets increased in 2006 to £6bn producing a growth of 18.1 per cent.
Peter Richardson, chief executive of Derbyshire Building Society, said: “This has been another momentous year of growth and expansion as we achieved our third consecutive record performance in fiercely competitive market conditions. Our 2006 results demonstrate the continuing ability of our focused strategy and business model to deliver both strong growth and enhanced value to members.
“Whilst delivering these record results, we have also improved our cost efficiency and have reduced our management expenses ratio to 0.87 per cent. We are prudent in our risk management with the identification and management of risk a high priority and integral to both our strategy and our operations.
“Our specialist lending business has a pivotal role to play in delivering more profit into the Society, which enables us to enhance the value we can deliver to our members. Salt, our specialist lending brand launched in November 2005, is now a significant player in the developing and fast growing non-conforming marketplace. In 2006 we expanded into the commercial lending market recruiting a carefully selected team with significant commercial experience and we are looking to extend these operations this year.
“The Derbyshire has also expanded its subsidiary, Derbyshire IFS, to offer independent financial advice on products from all providers in the marketplace. Our customers are now benefiting from having access to whole of market products from a name they trust when looking to satisfy their financial needs.
“We continue to reshape our retail business to ensure we meet our customers’ needs more effectively with a greater choice of new and innovative services. In 2006 we refurbished 21 of our branches, whilst our commitment to service was further demonstrated by the introduction of longer opening hours at a number of our branches. We also responded to our customers’ demands for greater choice in how they do business with us by launching iSaver, our online savings account.
“As our results show, The Derbyshire has a vibrant business and a sharp customer focus. Looking ahead, we will continue to seek out opportunities to deliver further growth and expansion for the benefit of our members.”
