CUMBERLAND Building Society has posted a profit after tax of £7.66m for the year ended March 31 – a rise of £1.5m on the previous year.
There was a 13.3 per cent growth in residential mortgage balances, with new advances rising by 39 per cent to £313 million. Along with retail savings inflow from members, the society has utilised funds from the Government’s Funding for Lending.
And despite a reduction in savings across the market, it recorded its second highest inflow of funds at £75m and savings and current accounts grew by 5.8 per cent.
MORE TOP STORIES:
- Heritage Lottery Fund bid to preserve Coniston copper mines
- New website to promote stays on farms
- Campaign group cheers judge's finding in Ulverston supermarket battle
- Kendal band win £25,000 government funding to take their music overseas