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Another successful year for The Bath Building Society Group
The Bath Building Society Group has announced that it has had another successful year for 2015. The Group’s assets rose by 4.8% to £292.6m, from £279.1m on the previous year. It showed a 13.7% increase in its reserves from £23.6m to £26.8m year on year, and pre-tax profits increased by 10.3% to £4.1m in 2015 (2014: £3.7m). The Group’s mortgage book has increased to a record high of £226.9m (2014: £218.5m) with gross mortgage lending at £40.9m (2014: £37.4m).
Dick Jenkins, Chief Executive, said:
“The continuation of ultra-low Bank Base Rates means that the market remains stacked against savers although the government has given them a break with the new personal savings allowance that is coming in on 6 April this year. Also the government has announced initiatives in the recent budget which will benefit long term savers with the Lifetime ISA. The Society continues to be committed to offering its best rates to existing savers.
The mortgage business has continued to see the benefit of its specialist positioning which has allowed it to build its reserves through increased levels of profitability without increasing its risk profile.
Our Mortgage book has grown by 3.9% in 2015. This growth has largely been achieved through a focus on our niche products for the market, such as our Parent Assisted Mortgages, Buy for Uni and Rent a Room Mortgages, and we have generated real interest through our innovative approach to lending to this group and our commitment to helping people in Bath and further afield to buy homes”.