Melton Building Society braced for Covid challenges after ‘robust’ year

The Society says it enjoyed a 4.2 per cent growth in mortgages while savings rose by £3.4 per cent over the year to the end of December 2019.

Its profits totalled £1.19 million for the same period, which was fraught with economic and political uncertainty over Brexit.

But Society bosses say the current year has brought new challenges with the outbreak of the coronavirus pandemic.

Martin Reason, chief executive of the Society, which has branches in Melton, Grantham and Oakham, said: “Clearly 2020 is proving to be a challenging year as we endeavour to support our members during unprecedented times.

“Building Societies are considered an essential service and our branches have remained open to serve customers during the pandemic, albeit with reduced hours to protect the health of customers and staff.

“We are passionate about helping our community and believe our financial strength provides members with confidence in these uncertain times,”

The highlights of last year were £74 million in new mortgages, capital reserves of £40 million, a low level of complaints maintained, five industry awards and more than £64,000 donated to local causes, including £17,300 plus to the Derbyshire, Leicestershire and Rutland Air Ambulance Service.

Mr Reason said: “Despite an ongoing fragile economy and uncertain political climate in 2019, the Society has performed well and remains focused on meeting the needs of its members for savings and mortgages.

“Last year we continued to invest in our people, branches and core systems to ensure we remain modern and relevant.”