It achieves nearly 10% growth in mortgage balances
Hanley Economic Building Society has reported strong financial results for the year ending August 31, 2024, underpinned by growth in mortgage lending and asset performance.
The mutual reported a 9.77% increase in mortgage balances, which grew to £379.62 million from £345.85 million in 2023. New mortgage lending rose by 4.12%, reaching £95.04 million, compared to £91.28 million the previous year.
Hanley Economic credited the gains to a successful core system migration, which has enhanced its product offerings and services for members and mortgage brokers.
Total assets also increased by 2.45%, rising to £527.84 million in 2024 from £515.24 million a year earlier. Retail savings balances drove the asset growth, increasing by £18.84 million over the year. Operating profit saw a significant improvement, climbing 171.55% to £2.51 million, up from £923,000 in 2023.
The year also marked the building society’s 170th anniversary, which saw staff exceed a commitment to volunteer 170 days for local charities. Charitable contributions included £25,000 to Dougie Mac Hospice, bringing total donations through its Dougie Mac Savings account to over £336,000.
An additional £9,000 was distributed among four partner charities via the Charity Saver Account, with total donations exceeding £51,000 since 2019. The newly launched Hanley at Home Fund allocated £15,000 to local projects, £8,000 of which has already been distributed across Staffordshire.
Commenting on the results, Mark Selby (pictured), chief executive of Hanley Economic Building Society, pointed out that the society achieved strong financial outcomes despite economic headwinds.
“We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates,” Selby said. “This positions us well for future lending expansion in 2025 and beyond.”
He noted signs of recovery in the housing market and highlighted the mutual’s commitment to balancing competitive savings and mortgage rates, even during base rate reductions.
“We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords,” Selby added. “We’re also focused on assisting older generations in accessing equity for diverse needs.”
Looking ahead, Hanley Economic plans to continue product innovation while building stronger relationships with intermediary partners.
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