Mansfield Building Society delivers another strong year of growth

Mansfield Building Society announced a 9.6 per cent growth in mortgage assets and a post-tax profit of £1.9 million at its latest annual general meeting.

Alongside its commercial success, the society – which has its headquarters in Mansfield town centre, at Regent House, Regent Street – was highlighted its contribution to the local community, with donations of nearly £70,000 through its charitable trust and community support scheme.

It said its 2022 success came against a “backdrop of economic volatility in which rising interest rates, inflation and political uncertainty dominated the news”.

A spokesman said: “Despite the backdrop, MBS remained true to its founding principles, balancing the needs of savers and borrowers among successive base rate increases.”

Paul Wheeler, MBS chief executive, said, while the society was celebrating its commercial success, it would not lose sight of its mutual ethos and would continue to support members and their financial wellbeing.

He said: “The success reported in 2022 results from our ability to offer a flexible approach to borrowers, without relying on automated credit scoring systems. This personal approach enables us to bring propositions to market quickly and meet the ever-changing needs of borrowers throughout the economic cycle.

“Although we expect economic conditions to remain challenging throughout 2023, we will continue to promote home ownership by supporting new and existing borrowers.

“At the same time, we will be encouraging individuals to get into the savings habit to support their financial wellbeing, while continuing to play our part in helping to build a community of savers.”