Hanley Economic Building Society has released a strong set of financial results for the year ending 31 August 2024, supported by a robust lending performance.
The Society saw mortgage balances increase to £379.62m from a 2023 figure of £345.85m, marking a 9.77% growth. In addition, new mortgage lending rose by 4.12%, reaching £95.04m in 2024, compared to £91.28m the previous year. This impressive growth is attributed to building on the successful conclusion of a core system migration which has enabled the Society to enhance its product and service offerings for members and intermediary partners.
Total assets grew year-on-year by 2.45%, from £515.24m in 2023 to £527.84m in 2024. This was primarily driven by an £18.84m increase in retail savings balances. Additionally, the Society reported a remarkable 171.55% surge in operating profits, climbing from £923,000 in 2023 to £2,506,000 in 2024.
In celebration of its 170th anniversary, all Hanley colleagues committed to 170 days of volunteer work to support various local charities—and they exceeded this target.
The Society also maintained its tradition of supporting Dougie Mac Hospice, donating £25,000 in 2024, bringing total contributions to over £336,000 through the Dougie Mac Savings account. Furthermore, £9,000 was shared among four partner charities via the Charity Saver Account, pushing total donations since 2019 beyond £51,000. The newly launched ‘Hanley at Home Fund,’ in collaboration with the Community Foundation for Staffordshire, saw £15,000 allocated to local projects, with £8,000 of this already donated to projects across the city and county.
Mark Selby, CEO of Hanley Economic Building Society, commented:
“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.
"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.”
