Building Society prospers despite disruption – controlled growth, profit up and no government financial assistance required

Earl Shilton Building Society continues to deliver strong financial results, despite the economic uncertainty of the year and the ongoing concern of 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 increasing by over 4% to an all-time record of over £115m, and new lending increasing by almost 10% compared to the previous business year.

Balances of those saving with the Society also increased and all key financial and growth metrics were ahead of target thus ensuring the Society remains financially robust.

Several new team members were recruited over the year as the Society continues to expand, and profit also increased modestly to further boost financial stability.

Thanks to the Society’s contingency planning, it has been able to continue operating and suitably serving its members.

No government financial assistance was sought or required over the year. 

The Society continues to invest in information systems in a carefully managed manner, prioritising security, to ensure members receive the level of service they have come to expect. 

Customer satisfaction remained excellent as 97% of new members said they would recommend the Society to others for the second year in a row. A national award from Money Pages also recognised the Society’s self-build mortgage offering.

Paul Tilley, Chief Executive of Earl Shilton Building Society, said “It is a testament to my colleagues’ tenacity, commitment and perseverance that we have remained open for business, as much as permitted by the government’s guidelines. We very much appreciate our customers for the patience and understanding they have shown during these challenging times. This last year has really been about us all pulling together as a team so I’d like to record my sincere personal thanks to everyone.”

To view the Summary Financial Statement in full, or for further information on Earl Shilton Building Society, visit www.esbs.co.uk.

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