A year of strong growth at the Dudley

In what is now its 165^th year, Dudley Building Society has released its results for 2022/2023, demonstrating growth whilst helping people live better lives:

• Total mortgages grew 6%, with the Society now the 26^th biggest in the UK,
• The second highest year ever of gross lending; a 58% increase,
• Savings balances reached £453m, the highest figure since the Society began,
• Profits of £2.7m before tax, with record capital resources of £30.5m,
• Only 7 accounts in 3 or more months arrears, representing 0.1% of all mortgage balances.

 

In what was a challenging year for the UK economy, the Society has also been able to ensure it makes a real difference:

• Customer net promoter score increased to 90.8,
• £50,000 donated to local community causes,
• Carbon footprint down 68% since 2020,
• Colleague engagement score of 77%.

 

James Paterson, who was appointed Chief Executive Officer at the Society in July 2022, explained “We are delighted to report a year of great results for the Society, where we’ve helped many more people aspiring to live a better life.”

 

“This year we have been there when our customers needed us, to help those facing challenges due to the rising cost of living with their mortgages, and to support our savers across our branch network and online. We would encourage customers to talk to us if they are worried and we will continue to do what we can to help.”

 

James continued “Regardless of the economic conditions, the Society has brilliant foundations to support our ongoing growth, with a strong and secure financial position, products and services that our customers value, and a team of motivated and enthusiastic colleagues.”

 

“I want to thank everyone in our team for the difference they make in being there for our customers and delivering on our ambitions.”

 

In addition to reflecting on their previous year, the Society has also been looking forward to an exciting and ambitious future. Speaking on this, James commented “Our ambition is to continue to grow the Society, and our purpose is to help people live better lives. We will be there for both our customers and communities, when you need us, to listen and act, for you and your family.” 

 

“I’m passionate about ensuring that the Society continues to thrive and grow, following in the footsteps of the people that came before us for another 165 years.”