Beverley Building Society today announces a positive set of annual results, which reflect its intention to continue investing in further enhancing the personal service its members value so highly.
2018 saw the Society continue a positive five-year trend of solid pre-tax profit – enabling it to retain strong reserves for its members’ benefit while returning value directly to its savers and investing in developing the Society so that it can continue to look after members’ financial interests for many years to come.
Pre-tax profits exceeded expectations at £473k, enabling us to maintain strong reserves to further protect our savers financial security. Significant strategic investments, including our new Beverley Online portal, new branding and a reward for all our savers as we passed on the full benefit of the Bank of England base rate increase, meant that profits were down from last year’s levels (2017: £680k).
The Society walked its members through its positive performance at its recent AGM, which also saw new chairman Stuart Purdy being officially welcomed on board and the Society’s new branding – with the new strapline “Building Better Futures” revealed.
All of the resolutions – including Stuart’s official election as chairman – were overwhelmingly carried.
Stuart said: “I am excited to join the Beverley at a time when the service and products we offer our members are more important than ever, delivered by an outstanding team of committed and knowledgeable staff.
“2018 has been a year of significant strategic progress, delivering continued financial sustainability for the Society amidst an ever challenging economic and political environment.
“2018 has seen us revisit our original purpose to redefine our strategic intent, with our ‘Building Better Futures’ strategy. Our aim is to ensure our commercial and social purpose, focussed primarily on our regional heartland, building sustainable growth by providing benefit to the members and communities we serve.”
Of this year’s positive financial outcomes, chief executive Carl Elliott said: “Being a mutual, for us, is about performing well enough to sustain strong reserves for our members’ peace of mind, while having enough left over to invest in the ongoing development of the business, to maintain the straightforward, good value products and outstanding service they value so highly.
“I am pleased to say that we have continued to do just that – while returning the benefit of our profits directly to members by reflecting the Bank of England’s Base Rate rise across all our accounts in the Autumn, when we were one of the only financial institutions to do so.”