Hanley Economic’s profit after tax shot up by 81.48% to £1.29m (2022: £0.71m), while operating profit skyrocketed up by 40.65%.
Gross lending reached £91.28m, a huge increase from the £60.71m seen in 2022.
The building society partly attributes this growth to the completion of the lender’s core system migration as the mutual returned to the residential lending markets with a raft of new product releases throughout the year.
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New lending in the year was predominately secured on residential property to owner occupiers with 87.46% of the total advanced over the financial year (2022: 77.41%).
The remaining 12.54% (2022: 22.59%) has been secured against residential BTL or self-build properties.
CEO at Hanley Economic, Mark Selby, commented: “I am pleased with the full 2023 financial results, and I think they are already beginning to show the benefits of the new system.
“Asset growth, net lending and profit have all exceeded budget, and this has supported the society in being able to increase interest rates several times.”
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