Ecology prospers
Thursday 21 May 2003
Fresh figures from the Ecology Building Society show healthy growth and concern for the environment go hand in hand.
With a lending programme which focuses on the renovation and conversion of dilapidated property and ecological self build, the Yorkshire based Ecology has in recent years been amongst the UK's fastest growing building societies.
In its annual results for the year to the end of December 2002, Ecology assets had grown to £45.6 million, an increase of 15% on 2001. Lending remained strong, with completions up by 21.6% compared with 2001, to nearly £8.8 million. At the 31 December 2002, total mortgages fully secured on residential property and land stood at just short of £34 million.
Share balances and deposits with the Society increased by 14.8% to £42.2 million and the surplus - net profit - increased by 11.8% to £284,000.
Commenting on the results, Chief Executive Paul Ellis said:
"Our success is down to having a unique lending focus, our close contact with the customers and our understanding of green, local and traditional building technologies. For us, the environment is a central business concern, and our customers and members understand and endorse this."
