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17 March 2014

SAFFRON BUILDING SOCIETY ANNOUNCES INCREASE IN PRE-TAX PROFITS TO £3.1 MILLION
Saffron Building Society today announces strong results in its 2013 annual report and accounts, which confirm a pre-tax profit of £3.1million, an increase from £1.4m in 2012.
The increase in profitability has been generated through the continued success of the society’s mortgage lending activities, which produced £172 million of new lending in a year in which its mortgage book grew to a record level of £847m. The Society has also continued to carefully manage liquidity balances and provide members with consistently competitive savings products.
Jon Hall, Chief Executive of Saffron Building Society, said: “Over the past year we have increased the size of our mortgage book and achieved growth in profits retained for the benefit of our members, whilst delivering a material improvement in service to our customers. We have invested in our people, technology and working environments, so that we can perform robustly for our members in the future, as well as today.
“2013 was also a year in which we re-affirmed our commitment to the intermediary mortgage market via the launch of Saffron For Intermediaries and our Special Situations and Everyday Situations ranges of mortgage products. We are continuing to develop our intermediary mortgage proposition and we will be launching further new products during 2014.”
As a mutual, Saffron Building Society exists for its members and puts all surplus funds back into the organisation to benefit members through competitive products for both borrowers and savers. The surplus is also used to provide services valued by members and to increase the society’s reserves, creating a sustainable and stable independent mutual.
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NOTES TO EDITORS:

About Saffron Building Society

Saffron Building Society was established in 1849 by the Reverend John Marten, who was Minister of the Hill Street Baptist Church and Manager of the local gas company. From such humble beginnings the mutual Society has successfully grown to manage assets of over £1 billion.

Saffron Building Society is the largest regional building society serving the East of England, with 12 branches and 7 agencies. The society has served the needs of the local community for 163 years and is committed to doing so in the future.

A mutual organisation, Saffron Building Society is owned by its 90,000 members and exists solely for their benefit.

The Society employs 150 staff across East Anglia, who understand local customers’ needs and provide value for money products backed-up by a professional and reliable service.

Saffron For Intermediaries is the Society’s dedicated broker lending channel. Further information about the products and services available for brokers can be found at: www.saffronforintermediaries.co.uk