Hanley Economic Building Society has reported that mortgage balances increased by 9.77% to £379.62m in the year ending 31 August 2024.
The latest figure has gone up from 2023’s figure of £345.85m.
The building society also reported that new mortgage lending went up by 4.12% to £90.04m compared to the previous year.
It attributed the growth to building on the conclusion of a core system migration which has enabled the society to enhance its product and service offerings for members and intermediary partners.
Elsewhere, total assets grew year-on-year by 2.45% to £527.84m which was driven by an £18.84m increase in retail savings balances.
It also reported a 171.55% rise in operating profits to reach £2.5m in 2024.
Hanley Economic chief executive officer Mark Selby says: “It’s pleasing to share such a strong set of results across the board for 2024, especially given the economic challenges we, and the rest of the industry, have faced.”
“We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates. This positions us well for future lending expansion in 2025 and beyond.”
“We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords. We’re also focused on assisting older generations in accessing equity for diverse needs. By reducing rates and eliminating fees where possible, we’re ensuring our products remain accessible throughout all stages of the borrowing lifecycle.”
