Stockport’s Vernon Building Society has published its Annual Review of 2014 reporting on another set of solid results. Total assets to 31st December showed a healthy growth in 2014 at £287.6m compared with £273.2m in 2013, an important indication that the Vernon’s products and services are in demand from existing and new members.
Loans and advances to customers increased by £11.4m in 2014 to £46m.
The Vernon’s aim is to provide their members with competitive and innovative products. Of the total of the £223.1m loans and advances as at 31 December 2014, £208.7m were secured on residential properties with the remainder being secured on other land and commercial premises. The total number of mortgages completed in the year was 501 (2013: 311).
Within his statement in the Annual Review Mike Hanson, Chief Executive said:
“The Vernon has worked hard to maintain its reputation for integrity in a financial market that has seen anything but in recent years and we are pleased to have backed this up with another solid set of results.
“By being an integral part of the community we serve we are able to be closely engaged with our customers and to continue to provide the personal touch around our products and services.
“I hope that we have continued to live up to your expectations in this regard. Mutuality underpins our culture, and that means looking after relationships, caring for customers and our people, and delivering good products honestly sold.
“We have sought to stand apart from the market by maintaining fair rates for savers. When some savings rate reductions were necessary during 2014 we also reduced our variable mortgage rate in fairness
to existing borrowers. To our knowledge we were the first of only three mortgage lenders nationally to do this during the year.
“Despite these reductions we have continued to pay ‘higher than market’ rates on many accounts by limiting availability to new savers.”
Download the Full Annual Review HERE