2024 Financial results
Another record-breaking year
We’re pleased to report robust financial performance in 2024, achieving a profit before tax of £3.4 million despite facing increased competition in our key areas of lending and savings. Iain Kirkpatrick, our Chief Executive said, “A huge thanks to my colleagues for delivering another record-breaking year. We couldn’t have done this without our members, who are at the heart of everything we do.”
Last year, we developed a new purpose statement: “fighting together for our customers and communities to thrive.” This guided our efforts throughout 2024, aligning initiatives and actions to ensure everything we do contributes to the well-being and success of those we serve.
We delivered another year of record lending, growing our mortgage book by £66 million and contributing to a 45% book growth over the last three years. We continue to support borrowers facing financial difficulties by providing tailored assistance and guidance, with mortgage arrears falling to 0.5% in 2024, with no repossessions made.
We remain committed to looking after our savers by expanding our range of savings accounts to appeal to a broader range of customers and meet diverse needs. Additionally we increased the average rate paid to savers by 0.36%. Also savings balances grew by £152 million, marking the third consecutive year of record-breaking inflows and comfortably surpassing past highs of £94 million in 2023 and £92 million in 2022.
We continued to build on our Thrive! Agenda, making significant contributions to support our community and the local causes our members care about, including donating £50,000 to the Leicestershire and Rutland Community Foundation to support local grass root projects, £60,000 to the Leicester South Foodbank for a new community hub in Wigston and £7,000 to Market Harborough Against Bullying (HAB) to support counselling grants for individuals facing bullying, mental health issues, bereavement, domestic abuse, and disabilities.
We partnered with Doshi to launch a financial education app for our members, empowering them with essential financial skills. Additionally, we introduced a OneBanx kiosk in our Market Harborough branch, providing crucial access to cash for both personal and business customers of any bank or building society ensuring our community continues to have access to important financial services as banks continue to close on the high street.
Iain Kirkpatrick continued, “Reflecting on 2024, it’s clear we’ve had a remarkable year, making significant progress for our customers, communities, and colleagues. We’ve achieved so much together, and it’s all thanks to the continued support and dedication of everyone involved.
To our members, thank you for your loyalty and trust. To our communities, thank you for allowing us to be a part of your journey and for inspiring us to do more. And to our colleagues, thank you for your hard work, passion, and commitment.”
Market Harborough Building Society’s Annual General Meeting (AGM) will be held at their head office Newcombe House on Thursday 24 April 2025, starting at 2pm (registration from 1.30pm).
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