Strong year for The Tipton

It was achieved despite financial markets turmoil arising from the Government’s mini-budget in September, and a more challenging economy.

The 122-year-old society achieved mortgage book growth of 6.8 per cent, with gross mortgage lending reaching £108 million, its second highest year following 2021’s record of £115m.

With borrowers seeing increasing costs for mortgages because of increases in bank rate, and with market expectations of further increases to come, the society was able to lessen the impact on borrowers through restricting increases in its standard variable mortgage rate to 2.35 per cent between December 2021 and the end of 2022 compared to a 3.4 per cent increase in bank rate.

During the year, savings members benefitted from significant increases to variable savings rates which resulted in the society attracting £33m in new savings balances from both existing and new members. On average, savings customers benefitted from savings rates 0.62 per cent above market average rates.

Total retail savings balances increased to £416m, profit before tax was £4.8m – up from £3.-2m in 2021 and £1.07m in 2020 – and total assets increased past the half a billion mark to finish at £540m.

Richard Newton, the Tipton’s chief executive, said: “My heartfelt thanks go to my colleagues for their commitment to the society; they’ve played a vital role in our successful year, delivering great service to members alongside dealing with multiple bank rate changes, each of which results in significant additional administrative work.

"Whilst the economic conditions are likely to become more challenging during the year ahead we will remain focused on delivering on our principal purpose of helping members to own a home at all stages of life, and to help them save for the future with a safe and secure home for their savings.”

The society, which has its head office in Owen Street, Tipton, also has branches in Coseley, Bilston and Sedgley.