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Mortgage lending at record high

Bath Building Society has announced its financial results for 2020, with mortgage lending at a record high.

Despite having to cope with significant operational challenges arising from the Covid-19 pandemic, the Society has delivered a remarkable set of financial results.

The Society expanded its lending to £60.6m (2019: 43.3m) which helped grow its mortgage book by 7.9% to £267.4m (2019: 247.7m).

The Society grew its base of funding by 6.4% compared with 1.7% growth in the previous year.

Overall, the Society’s total assets rose to £353.4m, an increase of 6.5% on the previous year. Profit on ordinary activities before tax was £2.3m (2019: £2.7m) which delivered a 4.7% increase in its reserves to £40.3m (2019: £38.5m).

Kevin Gray, Chief Executive, said:

“Despite the disruption caused by Covid-19, the Society has delivered record levels of lending and mortgage book growth.  Our savings balances are also at a record level and our balance sheet remains one of the strongest in the sector.  Our strategy will remain focussed on improving the lives of our growing Membership through promoting saving as a means of achieving financial security and by facilitating home ownership.”

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