Beverley Building Society has reported a positive set of annual results continuing its positive five-year trend of solid pre-tax profit.
Pre-tax profits exceeded expectations at £473,000 which the Society said enabled it to maintain strong reserves to further protect its savers’ financial security.
The Society walked its members through this positive performance at its recent AGM, which also saw new Chairman Stuart Purdy being officially welcomed on board.
“2018 has been a year of significant strategic progress, delivering continued financial sustainability for the Society amidst an ever challenging economic and political environment,” said Mr Purdy.
“2018 has seen us revisit our original purpose to redefine our strategic intent, with our ‘Building Better Futures’ strategy.
“Our aim is to ensure our commercial and social purpose, focussed primarily on our regional heartland, building sustainable growth by providing benefit to the members and communities we serve.”
Chief Executive Karl Elliott added: “Being a mutual, for us, is about performing well enough to sustain strong reserves for our members’ peace of mind, while having enough left over to invest in the ongoing development of the business, to maintain the straightforward, good value products and outstanding service they value so highly.
“I am pleased to say that we have continued to do just that – while returning the benefit of our profits directly to members by reflecting the Bank of England’s Base Rate rise across all our accounts in the Autumn, when we were one of the only financial institutions to do so.”