Stafford Railway Building Society has enjoyed yet another profitable year – and reached a landmark with savers’ funds exceeding £200 million for the first time!
For the year ended 31 October 2012, the Market Square based Society reported a profit of £1.39 million before tax, adding £1.04 million in after tax profits to the reserves.
Despite continuing difficulties in the economy as a whole, the Society has continued to attract many new members (both savers and borrowers) and to go from strength to strength. It finished the financial year with growth in total assets of 6.32% and also reported that liquidity is up to a healthy 27.88% - with liquid assets now amounting to £55.8 million.
Plus, in terms of helping people move into their dream homes – one of the Society’s primary objectives along with high standards of service and competitive interest rates - total advances secured on residential property and other loans were up to £159.1 million from £153.8 million in 2011.
Chief Executive of the Society, Susan Whiting said: “We aim to treat all members fairly and to balance the interests of investing and borrowing members as equitably as possible within the framework of market forces. Our adherence to prudent policies on lending, investment of liquid funds and risk mitigation has enabled us to strengthen our liquidity and capital positions yet again this year despite continued challenging economic conditions. In addition to our financial success, we also achieved a wonderful result in our latest member survey with 99% satisfaction levels. This is a fitting tribute to the effort and commitment of our staff, of whom the Board of Directors are extremely appreciative.”
A complete version of the 2012 Annual Report can be downloaded via the Society website at http://www.srbs.co.uk/p/annual_reports.php
