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Dudley Building Society profits rise by nearly half a million

  • 17/06/2016
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Dudley Building Society profits rise by nearly half a million
Dudley Building Society has reported a rise of nearly half a million in profits for the financial year ending April 2016 in what it calls ‘controlled and measured growth’.

The building society saw pre-tax profits rise by £448,000 on the previous year to £1,335,000, with total assets rising to over £350m.

Mortgage lending hit £57.4m during the year, up from £52.2m in 2015 and almost doubling the £27.7m lent in 2013.

Chief executive Jeremy Wood said the society is now larger than at any time in its history.

“This year has seen us update our lending policies, introduce new products and improve service standards while continuing to concentrate on building our lending relationships with the intermediary sector, which we wholeheartedly support,” said Wood.

“Our wider strategy has been to champion improved lending conditions for groups of potential borrowers who have found it hard to gain access to lending.”

He said the mortgage market has seen a significant improvement in consumer confidence and the availability of finance.

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