DUDLEY Building Society has announced a three-fold performance improvement with pre-tax profits of £556,000 at the end of its financial year.
Bosses say the better figures are due to a reduction in the number of accounts in arrears and an increase in profit margins.
The society delivered the profits during a year in which it continued a modernisation programme including a move to new offices at the Waterfront and a push towards becoming paperless to improve efficiency and cut its impact on the environment.
Dudley Building society chief executive, Jeremy Wood, said: “Our savers have continued to support the society and we have seen significant inflows of money from new and existing members throughout the year.
“Mortgage rates have continued to remain low throughout the year which has seen our lending increase by 14 per cent to £31m. I am very confident that our position within the market will continue to strengthen.”
The society is encouraging applications for its community support fund, which has two pots of £500 and five pots of £100 for good causes.
Anyone wishing to be considered for the fund should to go to dudleybuildingsociety.co.uk to make an application.