A provincial building society has maintained strong results despite the current economic challenges. Earl Shilton Building Society – or erbs – has passed total assets of £160 million for the first time.
The mutual, which has branches in Earl Shilton and Barwell, in west Leicestershire, lent a record amount of almost £30 million in its latest financial year, which saw mortgage assets increase by more than 5 per cent.
Management said saving balances had also increased by more than 9 per cent as savers benefited from the rising interest rates.
A spokeswoman said: “94 per cent of new members stated they would recommend the Society to others, a testament to the focus esbs puts upon serving the best interests of its members. esbs strives to increase that percentage, partly through its ongoing digitalisation strategy which includes developing online onboarding of new savings members and electronic withdrawal facilities.
“Offering competitive products and first class service is key to esbs, and this shows in the society’s third consecutive win of best self-build mortgage lender in The Money Pages Personal Finance Awards, as well as highly commended by What Mortgage Awards in the same category.”
She said esbs continued to focus on its climate change strategy, through lending for energy efficient property improvements, but also by adding solar panels to its head office.
Chief executive Paul Tilley said: “The society has delivered an excellent set of financial metrics and has helped savers with increased returns.
“We have also assisted borrowers by limiting the impact of interest rate rises and providing forbearance to those in need during the current cost of living challenges. The results demonstrate our commitment to provide all customers with good outcomes.”
