Dudley Building Society profits and lending on the rise

The 157-year-old society's pre-tax profits were up from £556,000 to £887,000 - 59.5 per cent - for the year to the end of March.

The year featured a growing mortgage book as new lending increased from £31 million in 2013-2014 to £52.2m.

Its savings base also grew to £307.4m.

Chief executive Jeremy Wood said: "I am delighted to be reporting a year of such strong financial performance for the year.

"The positive plans we put in place over the last few years have provided the platform for the success the society is now enjoying.

"We are a local society, which continues to serve our community, and our work in refurbishing branches to make them more welcoming is already bearing fruit in increased footfall and new membership numbers.

"However, we have also embraced the need to bring our mortgage products to a wider national audience which has resulted in increasing volumes of good quality mortgage business, which of course provides the basis for greater profits which benefit all members.

"The mutuality of the society means that profit is injected back in to the society for the long term benefit of all its members."

Mr Wood said the society was continuing to invest in its staff, services and products that mattered the most to its members.

The Dudley has also continued to invest in its high street presence with branches undergoing significant refurbishments during the year.

Its Brierley Hill branch in High Street has just been transformed from a typical banking hall and counter to meet the needs of today's customers and now includes a 'pod' to allow quick queries to be dealt with without the need to visit the counter.

It was the third in the six-branch network to undergo a full refurbishment.

The society, which has 55 full time and 34 full time employees, has also invested in a whole new IT system which will give it the opportunity to launch new products for members.

Its annual general meeting has been arranged for 2pm on Thursday, July 23 at the Copthorne Hotel, Brierley Hill with Antiques Roadshow presenter Will Farmer giving a talk as well as valuing items brought along by society members.

The building society, which moved its head office from Dudley town centre to The Waterfront, Brierley Hill, in 2013, is also running a programme of events for its members to celebrate its strong results.

The first event is a free evening at Black Country Museum on July 3 and members interested in going along can call 01384 231414 to book a place.

It currently has approximately 4,770 borrowing members and 31,063 investing members and £329 million of assets.

The society raised £5,000 last year for the Midlands Air Ambulance from its first charity ball and gave £1,500 to local good causes through its community support fund.