Saffron Building Society reports strong results for 2014
24 March 2015
Saffron Building Society today announces record results in its 2014 Report and Accounts. The Society has achieved for its members growth in net interest income and a significant increase in profits before tax, to £3.8m. Total assets in 2014 were maintained at £1.2 billion.
In 2014, Saffron advanced a record amount of £240 million in mortgages. The Society also won Best Service from a Mortgage Provider, awarded by Moneyfacts. The year has brought with it some challenges but has still been highly successful due to the strategy of delivering a wide range of mortgages to suitable applicants, whilst maintaining long-term credit standards. Saffron Building Society was the first financial institution to bring a competitive regular saver NISA (New ISA) to market, launching just one week after the Government’s announcement regarding ISA changes.
Geoffrey Dunn, Chairman of Saffron Building Society, said: “We are very pleased by the strong financial results in 2014. It is important for the Society to make profits as this helps us to improve the financial strength of the society and hold the capital required of us by our regulators.
We are very conscious of the poor interest rates being paid to savers during this extended period of exceptionally low base rates. We have continued to offer fair savings rates to our Members, with five products offering a top ten rate or better. We have punched well above our weight as a small regional Society.”
2015 is likely to be a tougher year for the Society with increased competition, in particular for mortgages. Geoffrey Dunn commented: “We shall continue to work with our strengths, concentrating the majority of our lending in our own local region, whilst aiming to attract and retain high quality customer deposits, to maintain the security of our Society.”
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