Hanley Economic celebrates ‘best results’ in a decade with 63% hike in profits

Building society boss Mark Selby says Hanley Economic has ‘never been so financially strong’

A building society is celebrating achieving its best financial results in 10 years.

Hanley Economic has delivered a ‘robust’ set of figures for the last financial year – the best it has recorded since 2007.

The society, which has its headquarters at Festival Park, has seen profits rise by more than 63 per cent to £1.13 million – up from £696,000 for the same period last year.

Mortgage balances at Hanley Economic have also increased – from £291 million in 2016 to £302 million this year.

Chief executive Mark Selby, who joined Hanley Economic 12 months ago, said the society has ‘never been so financially strong.’



He added that it also has more capital reserves and liquidity than in its history as a society – making it more able to withstand any economic shocks than ever before.

 “This is the best year we’ve had since 2007, our peak before the financial crash. We are more profitable this year than we have been in the last 10 and as a society, we’ve never been so financially strong. Now we just want to keep doing what we’re doing, and doing it well. I have spent 30 years building up my skill-set to be in a position to grow this business. This was my first year as chief executive and now its the second album challenge – we’ve got to be bigger and better in year two.”

During the period, Hanley Economic has also increased its workforce by 15 per cent – meaning it now employs 88 staff across its seven branches.  And plans are already in place to increase staff numbers even more.

“One of my key objectives is to grow the leaders of tomorrow through the recruitment of apprentices. We have had a restructure and we are growing the leadership team because we want to get the staff thinking about how the business will be in five years time. We want to create a shared vision of what the society will look like in five or 10 years time.”

One of the highlights for Hanley Economic over the past 12 months includes winning the Moneyfacts 2017 Best First Time Buyer Mortgage Provider award.

On the back of the accolade, the society is looking to focus on investment and growing the services Hanley Economic offers.

Mr Selby added: “We want to introduce complimentary digital services to go along with our face-to-face services. we want to build them up and enhance what we already offer. We will not be replacing face-to-face services or closing branches. The challenge now it to try and do better as we move forward. I came here to do something that will help to sustain the society for the next 163 years, and that is what I intend to do.”

This article has been taken from The Sentinel online :



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