Members up after strong year for building society

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Members of a building society are up after it enjoyed a strong year, following the publishing of its annual results.

Darlington Building Society says it has continued to perform well, despite the ongoing political and economic uncertainty of 2019.

Overall, the number of members has increased and now stands at over 86,000.

Savers were supported in a low interest rate environment, leading to an increase in savings balances of £52m.

Total assets increased by just under 9% to £665.8m and £138m was lent to help people purchase or refinance their homes, including £9m assisting first time buyers in the region.

But profits were slightly down for the society, citing investment and an increase in the average rate paid to saving members.

CEO Andrew Craddock said: “With the growth in our mortgages, deposits and reserves, we continue to go from strength to strength.

“We remain committed to support our savers both young and old, whilst helping our borrowers buy or re-mortgage their home.

“We are passionate about helping those in and around our community, and I believe that our financial strength provides members with confidence in our society in uncertain times.”

 

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