Record profit for Mansfield Building Society

Gev Lynott, chief executive of Mansfield Building Society.
Gev Lynott, chief executive of Mansfield Building Society.

A record-breaking, post-tax profit of £1.75 million has been announced by Mansfield Building Society.

The results were announced at the society’s annual general meeting, and coincided with its new logo and branding.

Gev Lynott, a delighted chief executive of The Mansfield, said: “From a commercial perspective, our 2018 results reflect another strong performance for the business, particularly in the savings and mortgage markets.

“These are the markets where we continue to develop products and services that our members want and need, now and in the future.”

The annual meeting heard that the society was keen to “reaffirm its commitment to our strong mutual ethos and proud heritage.”

A spokesman said: “We remain dedicated to responding to social need, working with both savers and borrowers to meet today’s financial needs.”

The annual results showed that, in 2018, the Mansfield lent £94 million in new mortgage loans, resulting in an 11.7 per cent increase in mortgage assets.

At the same time, it added almost £25 million to its total savings balances, and posted the record post-tax profit.

During the year, the society also launched many mortgage products, including its new ‘Family Assist’ mortgage to help first-time buyers struggling to save for a deposit.

The society also expanded access to mortgage finance for older borrowers in, or approaching, retirement.

In addition, it made available somne of its best savings rates for local residents and existing customers, including its range of community saver accounts, the total balance of which is already heading for £10 million.

On top of this, the society continued its generous support of community causes and charities.