2nd July 2020
Earl Shilton Building Society continues to grow and deliver strong financial results, despite the economic uncertainty of the year and the recent market worries over Covid-19.
The Society, which has branches in both Earl Shilton and Barwell, recently released its Summary Financial Statement to members and depositors, demonstrating continued growth with mortgage balances reaching an all-time record of over £110m, resulting from new lending increasing by over 6%.
Additionally, the total balances of those saving with the Society increased by almost £5.5 million. This meant total assets increased to £141.59m, up over 3% from last year.
Over the year, the Society invested heavily in information systems to ensure members continue to receive the level of service they have come to expect. Profit was deliberately subdued following this investment plus there was a conscious decision to protect savers as far as was financially sensible. Finally, the Society took a prudent approach to likely future lending credit conditions resulting from the possible economic impact of the coronavirus and this suppressed overall profit.
Customer satisfaction was excellent as 97% of new members said they would recommend the Society to others.
The Society bid farewell to Neil Adams, who was the Deputy Chief Executive and Finance Director, during the business year. Neil had been with the Society since the early 2000s and worked tirelessly to drive the Society’s future as an independent mutual organisation.
Paul Tilley, Chief Executive of Earl Shilton Building Society, said “Despite the challenges of recent months due to the pandemic, I’m pleased with the Society’s performance and ability to remain financially sound and stable.
“We’ve continued to prioritise our members, and ensure their best interests remain at the heart of our operations.
“The commitment shown by our colleagues in this highly unusual situation has been admirable, and ensured we stayed open for business as far as government guidelines allow, which I am incredibly grateful for.
“Thanks also goes to our members for their continued support of the Society and their patience as we navigate this uncharted territory.”
To view the Summary Financial Statement in full, or for further information on Earl Shilton Building Society, visit www.esbs.co.uk.