Profits Steady as the Melton Invests in the Future
The Melton Group has reported another robust year of results with 1% growth in mortgages and 3.4% growth in savings, together with healthy profitability of £1.42 million before tax for the year ended 31 December 2018 having made a £250,000 investment in a new business finance subsidiary. The Society’s commitment to share 5% of its profits in support of the local community means the Society donated over £86,000 to local causes in Leicestershire, Rutland and Lincolnshire last year.
Key highlights for the year ended December 2018 include:
- £1.42m profits
- £64m new mortgages
- Capital reserves £39.3m
- Low level of complaints maintained
- Four industry awards
- High Net Promoter Score of +76.3 (financial services average +47.5)
- Over £86,000 donated to local causes, including £18,200 to the DRLAA
“Despite a tough economic backdrop, the Society has produced a solid set of results for 2018,” said Martin Reason, Chief Executive, the Melton. “The Society is committed to investing for the future and profits have steadied largely due to a significant investment in a new business that will diversify and strengthen the Group’s sources of revenue and customer base. We aim to launch this business in the second half of 2019.
“However, the core of our business comes from a traditional customer base that expects not only excellent service and great value products, but also social responsibility and care for our community to shine through everything we do. This is why we will continue to support our schools financial education programme, champion eco friendly mortgage and savings products and continue to support our Charitable Foundation and local charities which make a difference to our communities,” concluded Martin Reason.
The Melton has branches in Grantham, Oakham and Melton Mowbray and is a mutual building society providing both branch and online services with financial products including mortgages, savings and insurance and investment solutions.
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