Record year for lending and savings growth
The last financial year was a record one for lending and savings growth at Dudley Building Society despite being impacted by the coronavirus crisis.
The Brierley Hill-based society saw reported volumes of lending of £125.1 million for the year to the end of March up from £92.6m in 2018/19.
Record share and deposit balances of £513.1m were boosted by an increase in savings balances of £95m and the addition of 2,700 new savers during the year, helped the society grow by 23 per cent with the balance sheet exceeding £500m for the first time, ending the year at £541.3m.
Pre-tax profits were however down from £1.6m to £1.48m for the 162-year-old society, which has its head offices at Harbour Buildings, The waterfront, and branches in Brierley Hill, Dudley, Gornal Wood, Kingswinford and Perton.
Chief executive, Jeremy Wood said: “I am particularly proud of the progress which the society made in the financial year and especially proud of everyone in the team who helped make it happen. To be able to report record figures is every chief executive’s wish. However, as we announce our results in the wake of the Covid-19 pandemic, naturally our thoughts are with all those who have been affected, both physically and economically.
"We were well prepared when the lockdown happened, and able to keep branches open to serve our members whilst non-customer facing employees adapted admirably to working from home. At the same time, we have been proactive in looking to support members during this time and have continued to make particular efforts to find the most suitable ways of helping our borrowers with repayment difficulties.
"In the wider context, building societies, unlike many institutions, accumulate reserves over many years and do not pay money out as dividends to shareholders or owner directors and partners. As a result, Dudley and our fellow societies are better able to navigate the consequences caused by unexpected events like the one we are currently experiencing. "
Mr Wood said the society, which has 34,000 members, faced the future from a position of financial strength, confident in the support it can offer to borrowers and savers alike, while increasing efforts to support thelocal community through the expansion of its Giving Back initiatives.
"There is no doubt that 2020 will continue to serve up many challenges but I am sure Dudley Building Society will prove to be equal to them in the year to come," he added.