Beverley Building Society sees profits double as annual lending hits £149.3m

Beverley Building Society is celebrating after achieving its second highest pre-tax profit in five years.

The organisation’s profit before tax for 2017 came in at £680k, double the £337k recorded in 2016.

Lending over the 12 months stood at £149.3m, up year on year by £1.8m.

Beverley Building Society continued to focus on supporting East Yorkshire during the year, with results showing that more than 60% of borrowers and close to 90% of savers were based in the area.

Chief executive Karl Elliott said: “These results are important to us, not just financially, but because of the potential they offer for us to revitalise our mutual roots, ensuring that our products, customer care and the role we play in our local community are more relevant than ever.

“Our Society was created over 150 years ago by the revolutionaries of their day – driven by their vision of making homeownership a possibility for all.”

He continued: “In today’s financial marketplace, where there is ever more uncertainty; from affordable housing, to planning for later life, there is a growing need for a financial provider who is accessible and can better understand and respond to customers’ changing needs.

“As East Yorkshire’s only independent Building Society, we see it as our mission to do just that for people across our region.”