Improving financial performance provides platform for growth
22 March 2017 • Corporate
The Cambridge Building Society’s improving financial performance in 2016 provides a sound platform on which to invest and grow the business throughout the next 12 months.
Previously reported record lending of £265m for the year saw the total mortgage book grow by 13% to £993m. This growth saw 1,850 new borrowers join as members of the Society, 120 of these being first time buyers.
Assets as at 31st December totalled £1.2 billion and profit after tax reached £2.9 million, an improved position from the £1.2 million made in 2015. General reserves were stable at £59.4 million, demonstrating the underlying strength of the Society.
Peter Burrows Finance Director said: “These results present a healthy picture for The Cambridge and a robust base on which to grow. Our 3 year investment programme announced a year ago is starting to deliver improvements for customers and we will continue to put time and resources into a substantial number of initiatives that will do the same this year whilst maintaining the long-term financial stability of the organisation.
“We have been particularly successful in attracting new borrowers to the Society and building our mortgage book which, in turn, has supported improved profitability of £2.9 million. 2017 will see us continuing to support borrowers in the East of England whilst starting to offer savers more choice. Growth and investment are very much the themes of 2017 and with a strong brand and healthy balance sheet we are in a prime position to make the most of the many opportunities our region has to offer.”