Hanley Economic reports strong financial results

Gross lending grows by 50%

Hanley Economic reports strong financial results

Hanley Economic Building Society has delivered a strong financial performance for the year to August 31, 2023, with total assets having increased by 9.72%.

The growth in total assets to £516.22 million from £470.5 million posted in the previous year is primarily due to the £44.47 million increase in retail savings balances, though mortgage balances also rose by £8.36 million to reach £345.85 million during the financial year.

Gross lending climbed to £91.28 million from £60.71 million, with growth partly attributed to the completion of the lender’s core system migration as the mutual returned to the residential lending markets with a raft of new product releases throughout the year.

New lending has been predominately secured on residential property to owner-occupiers, representing 87.46% of the total advanced over the financial year, while the remaining 12.54% was secured against residential buy-to-let and self-build properties.

The majority, or 59.50%, of the advances were sourced through mortgage brokers.

“I am pleased with the full 2023 financial results, and I think they are already beginning to show the benefits of the new banking system,” commented Mark Selby (pictured), chief executive at Hanley Economic Building Society. “Asset growth, net lending and profit have all exceeded budget.

“The Society continues to innovate from a mortgage perspective and ensure our position within core lending areas is maintained. As a lender, we remain committed to helping aspiring first-time buyers to get onto the property ladder and in supporting existing homeowners with their remortgage aspirations. The society also continues to work closely with self-build brokers to support their clients with their dreams of building their own homes.

“The intermediary market will continue to play a key role within our mortgage lending plans, and we will look to further bolster our product range in an innovative and responsible manner over the course of the next 12 months.”

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