Manchester Building Society back in the black with £4.3 million in pre-tax profits

Manchester Building Society has reported that it is back in the black, with a pretax profit of £4.3 million for the year ending 31 December 2014, compared to a loss of £1.6 million the year before.

The Society’s net interest income fell from £15 million in 2013 to £11.1 million in 2014 as a result of the planned reduction in size of the balance sheet and following the disposal of the Society’s £68 million UK Lifetime Book at the end of 2013.

David Harding, Chairman of the Society, said: “I am pleased to report that the Society has recorded a healthy profit before tax of £4.3 million for 2014, following the loss recorded in 2013.

“Underlying profitability, levels of liquidity and mortgage book performance were all sound during 2014 and the Society continues to focus on supporting its borrowing and saving members.

“Our full Annual Report and Accounts will be published by the end of March 2015 and I look forward to placing these results before our members at the AGM in April.”