Mansfield Building Society has reported another successful year with gross advances of £64m, growth in mortgage balances of 3.8% and an £18.6m increase in savings balances in 2016.

Chief executive Gev Lynott (pictured) said although market conditions remained competitive, the business continued to perform well.

He said that enabled the society to pass on benefits to local and loyal savings and mortgage members.

The strong financial results also meant further growth in its support for local worthwhile causes.

“With the Bank of England reducing the base rate from 0.50% to 0.25% in August, we took the decision that our local and loyal members should have access to our best savings rates on a number of our most popular accounts,” Gev said.

“In 2016, the average interest rate on our variable rate savings accounts was 1.24% and many of our fixed rate accounts paid considerably more.

“Independent research undertaken by Savings Champion reported the average variable interest rate paid by building societies was 1.09% compared to 0.81% paid by banks during the same period.”

Profit after tax of £1.58million enabled the Society to strengthen its capital reserves.

The society supported local groups and charities through its Community Support Scheme and made further contributions to the new Mansfield Building Society Charitable Trust.

In 2017, Gev said the society planned to increase ties with community groups, charities and like-minded businesses equally passionate about making a positive contribution to the area.

“Future plans include increasing our support and contribution to the local community through financial and non-financial support to organisations, such as our Work in the Community Scheme volunteers,” he said.

“Details of our plans will be unveiled at the Society’s 147th Annual General Meeting to be held at 4pm on Tuesday, 25th April, at Mansfield Library, where members and guests are welcome to attend and learn more about our mutual approach and how we provide ongoing support to a range of local worthy causes.”