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Success in business and community

Posted onPosted on 28th Apr

Mansfield Building Society announced a 9.6% growth in mortgage assets and a post-tax profit of £1.9m at its annual meeting.

Alongside its commercial success, the society was also proud to shout about its contribution to the community with donations of nearly £70,000 granted to worthy causes through its Charitable Trust and Community Support Scheme, as well as more than 100 volunteer days gifted by staff.

Mansfield’s success in 2022 came against a backdrop of economic volatility in which rising interest rates, inflation, and political uncertainty dominated the news.

Despite this, the society said remained true to its founding principles, balancing the needs of savers and borrowers among successive Bank of England base rate increases, with the society’s efforts recognised by Moneyfacts, which shortlisted the mutual for Best Building Society Savings Provider and Best Notice Account Provider in its 2023 awards.

Society chief executive Paul Wheeler (pictured) said it would not lose sight of its mutual ethos and would continue to support members.

“The success reported in 2022 results from our ability to offer a flexible approach to borrowers without relying on automated credit-scoring systems,” he added.

“This personal approach enables us to bring propositions to market quickly and meet the ever-changing needs of borrowers throughout the economic cycle.

“Although we expect economic conditions to remain challenging throughout 2023, we will continue to promote home ownership by supporting new and existing borrowers. At the same time we will be encouraging individuals to get into the savings habit to support their financial wellbeing, while helping to build a community of savers.”