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160-year-old building society posts new lending record

Earl Shilton

Earl Shilton Building Society has seen new lending increase to a record high of nearly £26m over the past year.

The 160-year-old building society saw a 17% rise in new lending over the 12 months to 31st March 2017, compared with the previous financial year.

Earl Shilton also saw net lending increase with mortgage balances breaking the £100m mark as it rose by over 10%. 

“I am pleased to report the society has enjoyed another positive year,” said Paul Tilley, chief executive of Earl Shilton (pictured above). 

“We have continued to grow and we were able to add a robust level of profit to our reserves to enhance our financial strength.”

Profits at Earl Shilton were £547,163, while total reserves exceeded £10m for the first time in its history. 

“In many ways, the last 12 months have been momentous, with major changes to the political and economic landscapes in the UK and abroad, which will inevitably have a knock-on effect for the finance sector,” added Paul.

“The UK economy has remained remarkably resilient over the last few years, however, and the fact the society is now in its 160th year is testament to its ability to endure.”

The society saw overall growth of 2.99% – up from the 2.27% recorded in the previous financial year – as Earl Shilton reported that new funding from savers increased by £2.4m to a total of £115.78m.

“The society is well placed to continue to grow, prudently and profitably, for the benefit of its members. 

“Belief in the value of personal service remains at the heart of what we do, and we look forward to meeting our members in person at our upcoming AGM, discussing these results and our plans for the future with them.”

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