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

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

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.”