Tipton & Coseley BS hits lending high

It achieves significant growth in 2023

Tipton & Coseley BS hits lending high

Tipton & Coseley Building Society reported notable growth in 2023, with its mortgage book expanding by 11.3% and gross mortgage lending climbing to a record £116 million from £108 million in 2022.

The mutual also achieved an 11% increase in total assets to £603 million – its third consecutive year of double-digit growth.

Despite a slight dip in profit before tax to £4.3 million from £4.8 million in the previous year, the lender said it benefitted from rising interest rates, maintaining a robust profit performance.

The building society’s net interest margin improved to 2.46%, up from 2.24% in 2022, while adopting a cautious approach to raising its standard variable rate, limiting the increase to 1.6% against a 1.75% rise in the bank rate.

“2023 was another incredibly successful year for the society despite the economic and market conditions,” said Adam Evetts, chief executive at Tipton & Coseley Building Society. “We remain focused on our principal purpose of helping members to own a home at all stages of life, and to help them save for the future.

“Our record levels of mortgage lending and strong savings inflows demonstrate our belief that offering customers fairly priced products and great customer service pays off. I’m looking forward to developing these areas further, with us embarking on a number of significant projects in 2024, and seeing the society grow from strength to strength as a regional building society.

“As a society, we are financially strong and well positioned to respond to any economic uncertainty and will continue to take opportunities as they arise.”

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