Record profit of £1.4m for building society

Total assets for the 138-year-old society, which has its offices in Market Square, grew by 5.4 per cent to £261.46m in the 12 months to the end of October.

The society, which has about 20 staff, also lent £44.1m to borrowers in the year – £42.7m was advanced on 429 new mortgages and £1.4m on 47 further advances. Total advances secured on residential property and other loans increased during the year to £177.1m

Chief executive Susan Whiting said: "This is all the more impressive given that the stringent requirements of the Mortgage Market Review were introduced during the year. Thanks to our experienced mortgage team, these changes were effected smoothly and efficiently and our lending policies remain as prudent and sensible as ever.

"The Society is also proud of its appeal to new savers and ability to retain loyal existing members – indeed there has been steady growth in savers' balances over the last five years because we are able to consistently provide them with competitive, in some cases market-leading, rates of interest."

Liquid assets comprising cash, bank balances and authorised investments were also up to £83.6m and, despite the challenges of the ongoing low interest rate environment, savers' balances increased during the year by 5.2 per cent to £243.6m.

"These results also demonstrate continued faith in the independent mutual model, because we don't pay any profits out to external shareholders, plus we aim to treat all members fairly and to balance the interests of investing and borrowing members as equitably as possible within the framework of market forces.

"In addition to our financial success, we again achieved a wonderful result in our latest member survey with 99% satisfaction levels. This is a fitting tribute to the effort and commitment of our staff, of whom the board of directors are extremely appreciative," added Mrs Whiting.