Dudley Building Society has recorded record growth in the 2023/24 financial year.

The 17 per cent growth in assets sees the building society reach a milestone of over £1 billion in mortgages and savings.

The mutual's savings balances rose by 24 per cent over the year, ending at a record £559.6 million, the highest level at conclusion of the year recorded.

Read more: Nominations open for Dudley Community Awards 2024

Profit figures were also high, with pre-tax profits coming in at £1.78 million and capital resources hitting a record £32.2 million.

The building society expanded its mortgage book by 9.3 per cent to £476.8 million, with total gross lending tallying up to £110.8 million.

In some months, 87 per cent of existing mortgage members opted to stay on board with the society, marking a record-low number of mortgage arrears, with only three accounts falling behind by three months or more.

The commitment from members was recognised, with the society receiving the Legal & General Mortgage Club Award for Best Smaller Lender.

It also ensured a secure home for more than £30 million of community business and charity investments.

The society also saw its Smart Money People customer net promoter score to 93.9 from 90.8 in the previous year, and gaining the title of a 'Great Place to Work' for the first time.

The society’s chief executive officer, James Paterson, said: "We are thrilled to report another set of strong results.

"The cost of living crisis continues to affect many members and their families, and we remain dedicated to supporting them through these challenging times, whether in our branches, by post, or online.

"This year, we have continued to offer value to our savers and mortgage borrowers."

He added: "This wouldn't be possible without our team of hardworking, enthusiastic, and committed staff who drive the society forward and help us achieve our ambitions."