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