Society's AGM hears of strong growth and successful community support

Society's AGM hears of strong growth and successful community support

Darlington Building Society hailed the success of its 160th anniversary pledges at its 2017 Annual General Meeting.

A packed room at Preston Park Museum heard chief executive Colin Fyfe detail the outstanding results of the ‘sharing for 160 years’ campaign, which exceeded the targets set.

£167,213 raised throughout the year (105% of target)

209 different organisations supported (131% of target)

187 volunteer days contributed by 88 staff for 89 different organisations/causes (117% of target)

Following the popularity of this activity and the impact it has had in the area, the Society has now committed to share 5% of its net profits after tax with the local community which is a further demonstration of the intent of the organisation.

Members also heard Colin Fyfe in positive mood outlining a strong set of financial results for the year ended December 2016.

  • Total assets up by £14.6m to £546.9m
  • A 17.5% increase in profit after tax to £1.41m
  • Gross mortgage lending increased by 36% standing at almost £100m (£99.2m)
  • 30 new recruits from the area have joined the Society in 2016

Colin Fyfe said: “The future of Darlington Building Society is very strong. The foundations we have put in place are really working. We have invested in the business and have seen though 2016 great growth and we plan to continue this.

“Technology is very important for our future. The world is going digital and so is Darlington Building Society, but we want our digital services to work hand in hand with our branches and will continue to invest to ensure our customers have a choice in how they deal with us, and when.

“Following a great year in 2016, when we exceeded our community pledges, we decided to make a further commitment to our local communities and will commit 5% of net profit before tax to continue this excellent work. That’s a sharing aspect that is at the heart of the Society and we will continue this for years to come.”

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