Melton Building Society reports rising profits

Melton Building Society chief executive Martin Reason with the manager of the Melton Branch, Toni Shelton.

The mutual building society, which has branches in Melton, Grantham and Oakham and employs 87 full-time and part-time employees, has reported a pre-tax profit of £1.57 million for the year to December 31, 2015 - up from £1.09 million in 2014.

It reflects another yearly improvement in the group’s financial performance.

The figures show that last year the group advanced £68 million of new mortgages with loans and advances increasing by 4.3 per cent to £313 million.

Melton Building Society's Grantham branch.

Mortgage arrears fell by 28 per cent to £0.18 million reflecting the group’s drive to improve credit quality.

Its capital and reserves increased by £2.2 million to £35.1 million in the year.

Martin Reason, chief executive, said: “Our strong financial performance reflects the excellent progress we have made in delivering great value products as evidenced by our regular appearance in national best buy tables. We continue to invest in the future, making improvements to our branches and developing our core systems to support improved customer service and efficiency.”