Dudley Building Society sees 17% growth in assets in the last financial year

Dudley Building Society is celebrating after its latest financial results reveal a record 17% growth in assets during the financial year 2023/24. The mutual now looks after over £1 billion in mortgages and savings.

Savings balances grew by 24% over the year, reaching a record £559.6 million, the highest level recorded at year-end.

Profit before tax was £1.78 million, with record capital resources of £32.2 million.

The Society, which offers its specialist mortgages through brokers across England and Wales, grew its mortgage book by 9.3% to £476.8 million, with total gross lending of £110.8m. 

Some months during the year saw up to 87% of existing mortgage members choose to keep their mortgage with the Society and move onto an existing product. It also saw a record low number of mortgage arrears, with only three accounts in arrears of three or more months. This commitment was recognised this year by being awarded the Legal & General Mortgage Club Award for Best Smaller Lender.

As well as this, it provided a safe home for over £30 million of local business and charity investments this year.

 

In addition to financial growth, the society improved its Smart Money People customer net promoter score to 93.9, up from 90.8 last year. This year also saw Dudley Building Society accredited as a 'Great Place to Work' for the first time.

Dudley Building Society continued its commitment to donating 2% of its profits to charitable causes through its Community Support Fund. This year donating £30,000 to nominated local charities, organisations, or individuals who supported the Black Country community through the cost-of-living crisis.

James Paterson, Chief Executive Officer at Dudley Building Society, commented:, “We are thrilled to report another set of strong results. The cost of living crisis continues to affect many members and their families, and we remain dedicated to supporting them through these challenging times, whether in our branches, by post, or online.

“This year, we have continued to offer value to our savers and mortgage borrowers. The Society reached the milestone of looking after over £1 billion in savings and mortgages, leading to record growth in total assets. This strong performance has set us on a solid footing and helped safeguard our future.

“This wouldn't be possible without our team of hardworking, enthusiastic, and committed staff who drive the society forward and help us achieve our ambitions. I would like to personally thank each of them.