- Members’ reserves exceeded £20m for the first time in the Society’s history (£20.189m)
- Profit before tax of £909k (£1.382m before exceptional costs of Core IT System)
- Liquid assets £91.870m
- Total mortgage balances at 31 October 2017 £170.598m
- Total savers balances at 31 October 2017 £242.042m
Stafford Railway Building Society has enjoyed a strong financial year with Members’ reserves exceeded £20m for the first time in the Society’s history (£20.189m).
The Society has also seen pre tax profits of £909k and gross lending during the year of £25.6m with a slight reduction of the mortgage book to £170.6m.
In 2017, the Society appointed Michael Smith as Chief Executive, a highly experienced banker and also appointed Non-Executive Director David Grant to the Board. Both directors were elected to the Society, alongside the re-elections of James Dean and Nicholas Sandy at the Society’s Annual General Meeting on 28 February.
The Society has expanded its links with brokers and broker networks and made partnerships in the areas of lending to older borrowers and self-build and continues to have the lowest Standard Variable Rate of all lenders in the UK for its residential mortgages
The move to a new provider for the Society’s Core IT system took place on time and under budget, and was a necessary investment which will enable service improvements for the Society in the future.
James Dean, Stafford Railway Building Society Chairman says:
“The external landscape still has its uncertainties, but the Society maintains its focus on the products and services that our Members require from us; simple and secure savings accounts and straightforward mortgages. The Society is now in its one hundred and fortieth year, proving that there is still a way that financial services can be successfully delivered with truly personal service, whether face to face in the local community or to Members who are further afield.”