Darlington Building Society has today announced strong financial results, with profits and mortgage lending more than doubling.

Chief Executive Andrew Craddock described the Society’s financial performance over the past six months as “evidence that the Society’s financial resilience and strategy of putting members first is the right one, especially in the unprecedented circumstances faced last year”.

Key performance highlights for the period ended 30 June 2021 are:

  • Profit before tax rebounded strongly to £1.8m (unaudited), more than double the profit for the whole of 2020.
  • Gross mortgage lending was just under £90m, more than double that achieved in the first half of 2020.
  • Mortgage balances increased by just over £30m, the same as that achieved in the whole of 2020.
  • Savings balances increased by just under £20m, more than seen in the whole of 2020.
  • Number of members increased by just under 900, growth of 1% in the first half of 2021.

Mr Craddock said the results were down to the commitment and dedication of the Society’s 160-strong workforce.

“Every single person has contributed to these results, as they focus on providing the best possible service for our members," he said.

“I remain proud and humbled by their dedication and tenacity in the face of everything we have dealt with in the last 18 months.

“I am sure we will continue to go from strength to strength as this team seems unwilling to fail.

“And the net result is a service to our members that is second to none, whether they are saving for the future or have realised a dream to own their own home.

“The pandemic has underlined the need for businesses to be resilient and flexible in the ways they serve members, and look after the health and wellbeing of staff. Our aim is to be as member-focused as possible, as well as growing our reputation as somewhere talented people want to work.”

The Society continued to respond to the demand for mortgages, with the return to the 95% loan-to-value market in March for local key workers; the introduction of an exclusive 90% product for Esh Home property purchasers; and the introduction of a Holiday-Let mortgage all within the first six months of the year.

The Society also became one of only eight lenders across the country to pilot the Government’s First Homes scheme.

Children’s accounts were also very busy, with more than 750 new Junior ISA (JISA) members opening accounts, and despite the economic challenges of the pandemic, the Society will this year donate £100,000 to local organisations.