Saffron Building Society today announces strong results in its 2013 annual report and accounts, which confirm a pre-tax profit of £3.1m, an increase from £1.4m in 2012.
The increase in profitability has been generated through the continued success of the society’s mortgage lending activities, which produced £172m of new lending in a year in which its mortgage book grew to a record level of £847m. The Society has also continued to carefully manage liquidity balances and provide members with consistently competitive savings products.
Jon Hall, Chief Executive of Saffron Building Society, said:
“Over the past year we have increased the size of our mortgage book and achieved growth in profits retained for the benefit of our members, whilst delivering a material improvement in service to our customers. We have invested in our people, technology and working environments, so that we can perform robustly for our members in the future, as well as today.
“2013 was also a year in which we re-affirmed our commitment to the intermediary mortgage market via the launch of Saffron For Intermediaries and our Special Situations and Everyday Situations ranges of mortgage products. We are continuing to develop our intermediary mortgage proposition and we will be launching further new products during 2014.”
As a mutual, Saffron Building Society exists for its members and puts all surplus funds back into the organisation to benefit members through competitive products for both borrowers and savers. The surplus is also used to provide services valued by members and to increase the society’s reserves, creating a sustainable and stable independent mutual.