Lambeth Building Society has reported record results for the financial year ending 31 January 2003, with mortgage lending rising by 147%, to £175m.
Mortgage balances were up 7.3% to £567m while total assets rose by 11% to £797m. After tax, profits rose by £0.5m to £1.8m.
Michael Haines, chairman of Lambeth BS, said: ‘The Society’s competitively-priced discount mortgages continue to be popular. Our drive for quality lending in a competitive market remains absolute and we are committed to offering a broad range of mortgage options to fulfil the varied demands of the housing market. As a mutual building society, it continues to be possible to provide our extra value mortgage rate discount for long-serving eligible borrowing members, a reduction of 0.4% per annum.’
Haines was also pleased Lambeth’s products had been good enough to attract borrowers in volume internally and commented: ‘No mortgage books were acquired.’
Lambeth also reported management expenses down by 9% to £9.4m, while the cost/asset ratio also fell from 1.47% to 1.24%.
Chris Radford, chief executive of Lambeth BS, said: ‘The cost efficiency programme we started in 2001 has resulted in a substantial reduction in our management expenses. This, combined with the strong growth already outlined, has meant that we have been able to reduce our ratio of costs to total assets to the lowest level seen at the Society in many years.’