At its 152nd Annual General Meeting, Mansfield Building Society announced mortgage asset growth of 4.6% and a pre-tax profit of £2.9million in its results to 31 December 2021.
In addition to its financial success, the Society also completed a £200,000 investment in the refurbishment of its Head Office premises and donated over £67,000 to worthy causes through its charitable trust and community support scheme.
Investment in the Society’s online savings platform capped off a strong performance for the Mansfield-based mutual.
The member-owned organisation’s success was attributed, in part, to the continued appeal of its flexible and personal approach to mortgage lending which resulted in the Society advancing over £87million in new mortgage lending during the year.
Investment in its Regent Street HQ enabled it to create a modern, open plan, mortgage processing centre that brings together its sales, processing and underwriting functions; whilst investment in the Society’s online savings platform combines enhanced functionality alongside some of the industry’s latest security features.
Chief Executive, Paul Wheeler, said the mutual was meeting the real-life needs of new and existing members and remained committed to ensuring that its commercial success was shared with the community in which it has served now for 152 years:
“At The Mansfield, we treat everyone as individuals and encourage colleagues to put people first, whether it’s borrowing or saving members, colleagues or those in the local community.
As we grow we continue to invest in the business, making sure that we are well placed to face into any financial headwinds but also to ensure that our services continue to meet the needs of members now and in future. Our online update for savers creates greater choice in how members choose to interact with us, and the investment in our Head Office means that we now have increased capacity to deliver against our ambitious growth plans.
The team have been outstanding in not only meeting the challenges brought about by the pandemic, but also in delivering continued success throughout this challenging period. Whilst I’m proud of what we’ve achieved, more importantly, I’m excited about our future prospects and what this means to our members, colleagues and the community.”
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