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Dudley BS triples profits fuelled by mortgage broker channel

  • 24/06/2014
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Dudley BS triples profits fuelled by mortgage broker channel
Dudley Building Society has tripled its profits thanks to increased mortgage lending, figures from its annual results have shown.

The mutual posted a pre-tax profit of £556,000 for the 2013/4 financial year, three times the figure achieved the year before.

Dudley took the decision to only accept mortgage business through the intermediary channel ahead of the Mortgage Market Review and said it had improved profitability on its loans.

The lender boasted increased mortgage lending of £31m in the 12 months, 14% higher than the previous year.

Dudley said it had also made progress in reducing the level of customers currently in arrears.

Chief executive Jeremy Wood said: “I am very pleased with our year-end position and the improvement in the society’s financial position especially with the security it offers to all of our members.

“Mortgage rates have continued to remain low throughout the year, which has seen our lending increase by 14% to £31m. I am particularly pleased with the outcome of the decision we made to offer our mortgage portfolio solely through the intermediary channel.

“As we believe that the only genuine way to ensure that clients receive the right service is through whole of market advice from a regulated intermediary, our products have to measure up well against the rest of the market.”

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