ESBS said while the level of new lending was down on the record levels seen the year before, the retention rate and its mortgage product offering helped the mutual grow.
During the financial period, the mutual’s mortgage balances reached a high of more than £147m, representing a growth of over 4% year-on-year.
ESBS said, similar to other mutuals, there were some mortgage borrowers who were unable to meet their commitments. There were six mortgage accounts with forbearance measures in place at the end of the year, compared to five during the 2024 period.
The mutual reduced its provisions for impairment from £466,230 to £405,832 and there were no mortgage accounts in 12 or more months in arrears, down from one previously. Further, no properties were in possession, similar to the year before.
ESBS reported a profit after tax of £254,000 for the year, down from £538,000 previously.
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It said there was a “planned-for” reduction in its operating profit from £764,000 to £280,000. This was attributed to investment in the mutual, but ESBS said when compared to the previous year, its operating profit was “entirely satisfactory”.
ESBS also announced a five-year strategy, with plans to grow its mortgage and savings balances, invest in technology, and serve its members “with integrity and care”.
This includes expanding homeownership and helping more people onto and move up the property ladder, such as first-time buyers, homemovers and those with unique financial circumstances.
ESBS said it would continue to innovate with its products and offer tailored support to under-served groups, including the self-employed.
Scott Devereux (pictured), chief executive of Earl Shilton Building Society, said: “This is my first year as chief executive, and I’m proud to share that the society remains in a strong position, committed to delivering long-term value to our members. I want to recognise the incredible work of my colleagues, whose professionalism and dedication have underpinned our success, and I want to thank our members for their continued loyalty and support.
“As we look ahead to the coming year, we do so with excitement, confidence and clarity of purpose.”
