The mutual attributed this growth to the successful completion of its core system migration, which has helped Hanley Economic Building Society to improve its products and service.
Its mortgage balances rose from £345.9m to £379.6m year-on-year, representing a 9.8% increase.
The mutual’s assets rose by 2.5% annually to £527.8m, which it said was driven by a £18.8m increase in retail savings balances.
For the year, Hanley Economic Building Society posted an operating profit of £2.5m, up from £923,000 the year before, marking an almost tripling of its operating profit.
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A ‘strong set of results’ for Hanley Economic Building Society
Mark Selby, CEO of Hanley Economic Building Society, said: “It’s pleasing to share such a strong set of results across the board for 2024, especially given the economic challenges we, and the rest of the industry, have faced. We’ve seen solid asset growth, met our budget targets for net lending and profit, and maintained liquidity with attractive savings rates. This positions us well for future lending expansion in 2025 and beyond.
“The housing market is showing early signs of recovery. As a member-owned organisation, we strive to balance our savings and mortgage rates carefully, maintaining savings rates even when the bank base rate declines. While this balance is essential for protecting our capital reserves, I’m optimistic that an improving economic outlook will bring greater stability.”
He added: “We remain committed to expanding our mortgage offerings to support first-time buyers, remortgage clients, self-build borrowers and landlords. We’re also focused on assisting older generations in accessing equity for diverse needs. By reducing rates and eliminating fees where possible, we’re ensuring our products remain accessible throughout all stages of the borrowing lifecycle.
“Our goal for the coming year is to continue innovating responsibly while further strengthening relationships with our intermediary partners.”
Last month, the mutual added a retirement interest-only (RIO) mortgage to its range, as well as a fee-free shared ownership product.
