2023 Financial results

Another record-breaking year

Market Harborough Building Society (MHBS) has announced another year of strong financial results, and remain one of the UK’s fastest growing building societies. Their purpose of helping those with complex needs to secure a mortgage, offering a safe place for their members’ savings, and supporting those most in need in their local communities remains as relevant today as it was when the Society was established more than 150 years ago.
In 2023, their total assets grew to £722m and they achieved record levels of new mortgage lending of £198m. They also saw their mortgage book grow 20% for the second year running, and an impressive 30% of all new savings accounts were opened in branch.
The Society remain committed to providing the best possible value for their members, with savers benefitting from rising interest rates throughout 2023. Over the last year, they launched 15 new products and their competitive savings account ranges saw record inflows of £129m into the Society, significantly exceeding the 2022 record of £92m.
The Society’s Thrive Agenda flourished as they continued to support good causes and give back to local communities. This includes £2.2 million invested in their affordable homes programme to help local families have a place to call home, and donations of £100,000 as part of their Thrive!mas pledge to ensure those in their community did not go hungry or lonely in the run up to Christmas. They also gave £15,000 to a Leicestershire based housing charity in collaboration with two other building societies, and directed £50,000 to their Charitable Foundation to fund smaller projects in the community.
Commenting on the results, Chief Executive Iain Kirkpatrick said “It’s been another fantastic year for MHBS and this strong set of results reflects our commitment to doing the right thing for both our savers and borrowers. Our strong performance in 2023 means we’re in a very good financial position to face into what is predicted to be a turbulent economic headwind.
We’ll continue to provide support throughout the ongoing economic challenges, whilst balancing the needs of our savers and borrowers.
I’m grateful to our members and to each one of our dedicated colleagues for your continued trust and confidence in our Society. I’m looking forward to what the future holds for us, including the imminent move to our new head office at The Point in Market Harborough this month, which will see our colleagues working together under one roof for the first time.”
Market Harborough Building Society’s Annual General Meeting (AGM) will be held at their new head office Newcombe House on Thursday 25 April 2024, starting at 2pm (registration from 1.45pm).
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*As reported by the press on Wednesday 10th April 2024