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Furness Building Society records strong performance for 2017

Published on: Friday 16th March 2018

Furness Building Society has released its final results for 2017, revealing its pre-tax profit rose to £4.1 million.

The society recorded a significant increase in group profit before tax to £4.1m from £1.1m in 2016 and increasing its Common Equity Tier 1 ratio to 20.5 per cent from 19.25 per cent.

It said its performance highlights included increasing mortgage balances by 9.7 per cent, the number of residential mortgages in arrears by three months or more reducing to 0.02 per cent, mortgage balances growing by £68m to £764m and retail share and deposit balances growing by £80m to £818.9m.

Chris Harrison, who was appointed as chief executive in April, said: "These results demonstrate that 2017 was a year in which we made great progress and achieved good financial results to provide firm foundations for future development and success.

"This year will see our change journey continue to ensure that we deliver a customer-focused successful society for the future."

As well as Mr Harrison's appointment, in January 2017, Matthew Dobson became finance director.