Melton Building Society says profits are steady despite ‘robust’ year

Martin Reason, chief executive of Melton Building Society.
Martin Reason, chief executive of Melton Building Society.
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Melton Building Society saw mortgage lending and savings grow during what it has described as a ‘robust’ year.

The Melton Group, which includes the building society, MBS Lending and MMBS Trading, says there was a one per cent growth in mortgages - to £64 million - while savings rose by 3.4 per cent.

It has reported profits of £1.42 million with capital reserves of £39.3 million for the year to the end of December 2018.

The Society, of Leicester Road, made a £250,000 investment in a new business finance subsidiary.

Its commitment to share five per cent of its profits to support the community means the Society donated £86,000 plus to good causes.

Chief executive Martin Reason said: “Despite a tough economic backdrop, the Society has produced a solid set of results for 2018.”

“The Society is committed to investing for the future and profits have steadied largely due to a significant investment in a new business that will diversify and strengthen the Group’s sources of revenue and customer base.

“We aim to launch this business in the second half of 2019.”