Cambridge Building Society posted record pre-tax profit for the second consecutive year, jumping 43% to £17m in 2022, due to “favourable market conditions and broadening its mortgage offering”.
The mutual says its mortgage book lifted 3% to £1.4bn, as the Bank of England raised interest rates eight times last year.
Its liquid assets grew 4.3% to £361m in the period — and the group was among the first building societies to join standards body Pay.UK’s Confirmation of Payee account name-checking service, which helps banks and building societies protect customers against fraud and accidentally misdirected payments.
During the year the mutual also moved back into the expat mortgage market and launched two interest-only mortgages.
Cambridge Building Society chief executive Peter Burrows says: “With interest rates and inflation both rising steeply over 2022, we remain committed to balancing the needs of our borrowers and our savers, while also investing in an organisation that supports a local workforce.
“Our purpose has always been to help people have a home, by supporting those who couldn’t buy without our help and by working with our communities to help people have appropriate shelter and housing, while also meeting the needs of savers, by providing a safe place to save.
