Hinckley & Rugby Building Society advanced an extra £8.1m in mortgages in a first quarter which also saw savings balances grow by £7.9m.
Speaking after the Society’s 148th Annual General Meering yesterday, chief executive Chris White hailed the first quarter figures (covering December 1 2013 to February 28 2014) as sustained growth in Hinckley & Rugby’s core business of savings and mortgages.
Advances in the first quarter were £26.7m, a 44 per cent increase on the £18.6m recorded in the same period a year before. Growth in savings balances was £7.9m, up from £1.4m in 2012/13.
The AGM in Hinckley heard how the Society achieved £103.7m of mortgage advances across England and Wales in the year to the end of November 2013, the first year to top £100m since 2007.
Administrative expenses rose from £4.61m to £4.93m as the Society refurbished branches and hired additional staff, however expenses are still below their 2003 level. Eight out of the Society’s 10 branches have now been refurbished with a new identity. During the current year the other two branches will also be given the new branding and interior design.
Chief executive Chris White said: “Business has been brisk in the first quarter, with both an increased flow of savings money coming in and mortgage lending going out. Our investment in our team means we are able to meet increased demand from customers and brokers whilst maintaining our commitment to outstanding levels of personal service.”
At the AGM the following resolutions were passed:
To receive the Directors’ Report, Annual Accounts and Annual Business Statement and the Auditors’ Report for the year ended 30 November 2013
To re-appoint PricewaterhouseCoopers LLP as auditors of the Society
To approve the Directors’ Remuneration Report for the year ended 30 November 2013
To elect Geneane Bell and re-elect Chris White and Andrew Astin as directors of the Society
That the rules of the Society be amended to reflect changes in building society law and practice.