Manchester Building Society announces major growth

Manchester Building Society Group has announced a major growth in profit for the first half of 2013.

The Society has bounced back from a difficult 2012, where it made a loss of £0.8m in 2012, to record a solid £1.6m profit.

The growth has enabled the Society to appoint a two new non-executive directors; Harold Baines and Ian Dewar. They will take up their posts in September.

David Harding, chairman, reflecting on the results, said: ““I am pleased to report that the Society has delivered a robust level of profitability for the first half of 2013, even after accommodating exceptional restructuring costs, as this demonstrates a sound underlying trading position.”

“The Board’s continuing focus will be serving our members as effectively as possible within the constraints of the current low interest rate environment by offering as comprehensive a range of savings and mortgage products as possible.”

Net interest income was slightly up also, to £6.2m from £6.1m.

The Society had an organisational restructure during the first six months of 2013, which helped it refocus its core business areas of mortgage lending and retail deposit taking.

Based in Manchester City Centre, the Society has over 27,000 investing members and 5,400 borrowing members.

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