Top Nav (alt)

Hinckley & Rugby to build on its years of growth

Hinckley & Rugby Building Society added more than £50m to its mortgage book in 2018, driven by new advances and high levels of borrower retention.

The eight per cent rise to £672m in the Society’s latest financial year brought growth in the last three years to more than 40 per cent.

Announcing its results today [February 25] for the 12 months to 30 November 2018, Hinckley & Rugby posted mortgage advances of £183m (2017: £193m) and started the new year with a £54m pipeline of mortgage business (2017: £53m).

Savings balances grew by £56m (2017: £55m) to £632m (2017: 576m) which fully funded the growth in the mortgage book. Total assets were up by £59m to £799m (2017: £741m).

Chief executive Colin Fyfe, who joined the Society in November 2018, said:

“We started 2019 on the very firm foundations left by my predecessor Chris White and look forward to a year of further growth.

“We’re continuing to invest in our people, our premises and our proposition – the products and services we offer to our current and future members.

‘We will grow our staff again in 2019 and enhance their skills as we strive to be an ever more attractive employer. The move to our new Hinckley head office at Easter will offer an exciting place to work at the heart of our communities in Leicestershire and Warwickshire.

“Forging partnerships will be a key theme of 2019 and beyond. Developing what we offer and how we provide it will evolve significantly as we work with fintech service pioneers.

“Our connection with our communities will deepen as we strive to get even more behind local organisations and charities, building on our excellent and extensive volunteering.

“We want to communicate with our communities that with their help, Hinckley & Rugby, as the largest financial services provider headquartered in Leicestershire, can help more people to save for their futures, to buy their homes, and to be a force for good with their support behind us.”

During its past financial year, the Society helped more than 180 first time buyers purchase their first homes. Buy to Let’s share of advances reduced from £57m to £43m as the Society spread its lending across a wider range of loans and the new Buy to Let tax system began to be phased in. At year end, Buy to Let accounted for around a fifth of the mortgage book.

There was a 16 per cent increase in net interest income to £9.12m (2017: £7.89m) and the net interest margin rose to 1.18 per cent (2017: 1.15 per cent). Those figures helped Hinckley & Rugby to maintain its profits before tax at £1.25m (2017: £1.3m).

The Society’s annual report will be presented to members at its 153rd AGM at 10.00am on March 27 at the Hinckley & Rugby principal office on Upper Bond Street, Hinckley.

, , ,

Comments are closed.