It reported 2019/2020 was its most successful year to date and one in which the building society grew by 23%.

Lending volumes, it said, went up from £92.6 million in 2018/2019 to £125.1 million in the most recent full financial year.

Meanwhile share and deposit balances were at £513.1 million, which Dudley said were boosted by an increase in savings balances of £95 million and the addition of 2,700 new savers during the year.

The balance sheet exceeded £500 million for the first time, ending the year at £541.3 million. Pre-tax profits were £1,480,000.

However, while this was good news, the society said it was very conscious that it had come at a very difficult time.

Jeremy Wood, chief executive of Dudley Building Society, 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.”

‘Proactive’

Dudley kept its branches open during the lockdown to serve members while non-customer-facing staff worked from home.

“At the same time, Wood added, “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.”