FINANCE
Bath Building Society reports strong financial results for 2020
Despite having to cope with significant operational challenges arising from the Covid-19 pandemic, Bath Building Society has delivered a remarkable set of financial results.
The Society expanded its lending to £ 60.6 million( 2019: £ 43.3 million) which helped grow its mortgage book by 7.9 per cent to £ 267.4 million( 2019: £ 247.7 million). The Society grew its base of funding by 6.4 per cent compared with 1.7 per cent growth in the previous year. Overall, the Society’ s total assets rose to £ 353.4 million, an increase of 6.5 per cent on the previous
year.
Profit on ordinary activities before tax was £ 2.3 million( 2019: £ 2.7 million) which delivered a 4.7 per cent increase in its reserves to £ 40.3 million( 2019: £ 38.5 million).
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 homeownership.”
@ BathBuildingSoc
“ Our strategy will remain focussed on improving the lives of our growing membership "
Get a head start. Get a Homestart.
Whether you’ re a new or existing customer, between the ages of 18 and 34, we can provide you with a way to save for your first home. And, after saving for a minimum of 12 months, if you take out a Bath Building Society mortgage you will get £ 500 cashback on completion and no arrangement fee.
To find out more and apply visit our website www. bathbuildingsociety. co. uk or call into one of our Branches.
Terms and conditions apply to our Homestart Regular Saver Account. All account holders must be between 18 and 34 years old. A payment between £ 50 and £ 250 must be made into the account each month. Lump sum deposits will not be allowed. Only two withdrawals are allowed per calendar year, without penalty. The account will mature on the account holder’ s 35th birthday. Bath Investment & Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority, Registration Number 206026.
20 www. tbebathandsomerset. co. uk