Hinckley & Rugby Building Society is delighted to announce its strong financial performance through 2021. The Society’s profit levels have increased despite ongoing challenges presented by Covid-19, enabling the business to launch a new Community Foundation which will support local registered charities with grants of up to £5,000.
The Society is also proud to have successfully navigated over 10% of its members safely through the mortgage payment deferral process.
Profit before tax more than doubled from £0.56 million in 2020 to £1.44 million in 2021 due to the increase in net interest income which stood at £10.8 million in 2021, up from £9.3 million in 2019. The Society also achieved improved levels of capital and liquidity over the year.
Retail savings grew to £693.0 million in 2021 from £690.2 million in 2020.
The Society’s mortgage book decreased to £619.0 million in 2021, from £658.0 million in 2019 because of a cautious approach to lending in the self-employed and buy to let markets, as well as higher loan to value lending. However, the Society is pleased to have begun re-entering these lending areas in late 2021.
Hinckley & Rugby Building Society has used its revenue to invest in improvements for members and staff, further strengthening the business and allowing it to deliver increased profitability, which can be reinvested back into the community and business.
The first key area of focus for the Society is its people, with staff numbers standing at 152 at the year-end, following recruitment of 41 staff members over 12 months. The business also has a strong emphasis on environmental sustainability, and plans to generate energy through installing solar panels at the head office building. In due course, staff and local residents will also be able to benefit from electric vehicle charging points which will be powered by the solar panels.
Additionally, the Society is evolving its digital strategy through the successful introduction of a new phone system and plans for a new website later in the year. Through these ongoing developments, Hinckley & Rugby Building Society is able to face the future confidently and offer services that members would like to see.
As a mutual, profit made by the Society is reinvested into local communities and, following a strong financial performance in 2021, it is pleased to unveil its new Community Foundation.
“Importantly, off the back of a good year, we have the opportunity to share our profit with the communities around us. We are delighted that we will be launching the Hinckley & Rugby Building Society Community Foundation at our AGM on 29 March. The Foundation’s purpose is to support local registered charities in Leicestershire and Warwickshire with grants of up to £5,000.
“Members are warmly invited to this year’s AGM to learn more about our financial results and the Community Foundation.”Colin Fyfe, Chief Executive
Find out more here.