The lender adds that given “very strong” levels of liquidity, it repaid the Bank of England’s term funding scheme in full, which reduced its asset growth to 1.17%.
Total assets, meanwhile, increased to £471.04m, including “solid growth” of £20.19m of retail shares.
Mortgage balances decreased by £8.64m to £366.61m and gross lending decreased by £24.6m to £69.03m.
The building society says that it planned on a lowering of new business lending while it moved to a new IT system.
Retirement interest-only (Rio) lending grew 114% on the year while self-build lending went up by 30% across the same time frame.
Hanley chief executive Mark Selby says: “Against a backdrop of extraordinarily demanding circumstances, the team have achieved an outstanding commercial performance whilst maintaining service for members, borrowers and intermediary partners throughout the pandemic.
“From a mortgage perspective, there has been a deliberate slowing of advances aligned with a fervent desire to maintain a presence in the specialised lending arenas, especially in self-build.
“Despite temporarily halting new lending to overhaul our mortgage processing platform back in February – and amidst ongoing system upgrades – we have managed to develop our product portfolio and remained active in the residential, self-build and Rio markets. A move which underlines our continued commitment in helping both aspiring first-time buyers to get onto the property ladder and in supporting existing homeowners with their remortgage aspirations.
“We have also made significant additions to our broker panel throughout the financial year, have plans in place to establish stronger intermediary relationships and to further expand our product range in the year ahead.
“This combination – alongside the completion of our systems overhaul in early 2022 – will result in an even greater number of intermediary partners being able to access a new, improved and fully functional online system which will help speed up and simplify the application process as we look to extend our lending volumes over the course of the next year.”
