Annual Results 2022: Another Record-Breaking Year for Ecology
2022 results make Ecology one of the fastest growing building societies in the UK.
We’ve announced an increase in total assets of 18.6% to more than £300 million for the first time. This has been enabled by a 22.6% increase in the number of members for the year, bringing us up to a total of 16,000 members.
In 2022 we helped a record number of people by lending nearly 70 million across 340 sustainable properties and projects. This new lending contributed to overall growth in mortgage assets of 12.19%.
This strong performance reflects the growing demand for Ecology’s truly ethical mortgages and savings. More people are recognising the transformative potential of finance in achieving a future that is healthy and fair.
These outstanding results wouldn’t be possible without the commitment of our colleagues. In 2022 we invested in our people and culture to support the growth of the society. This will continue into 2023 and beyond as we work to bring our 2030 strategy to life.
Highlights of the 2022 results include:
- Total assets of £304.0m (2021: £256.3m)
- Savings balances at £285.5m (2021: £239.5m)
- Capital strength at £17.094m (2021: £15.698m)
- Profit after tax of £1.585m (2021: £1.019m)
- Gross lending of £69.6m (2021: £69.4m)
See our full financial results.
During the year our new Chief Executive, Gareth Griffiths, joined us marking the beginning of an exciting new chapter for the Society. Gareth’s work builds on Paul Ellis’s 26-year tenure as Chief Executive. There have also been changes to our Board that have seen us welcoming Giovanni D’Alessio and Jaedon Green as well as bidding farewell to Steve Round our previous Chair. We’re grateful for the hard work of those who have come before us and look with determination to the Society’s future.
These results build on more than 40 years of uninterrupted profitability. They show that values-based and purpose-driven finance also makes real economic sense. The £1.585m profit adds to our capital base. This increases our financial strength and enhances our ability to remain resilient. Even in a challenging economic and social environment. It also allows us to drive more impact lending in future years.
Looking forward, we’ll continue to diversity our Member base and encourage our Members to influence our future. We’ll update you on the Society’s net zero progress, product innovation and the continued impact we are having in our 2023 Member meet-ups.
Gareth Griffiths, Chief Executive Officer of Ecology Building Society, said:
“It is a pleasure to be able to lead the Society as we continue to transform our business to deliver on our 2030 strategy, supporting an ever-growing diversity of Member. 2022’s results show that people see the power that their money can have in the world, and that small changes can really effect bigger change over the long term. I am excited about what the coming years will bring for the Society as we challenge the mainstream financial system to change.”
Our Annual Report and Accounts 2022 is available to download here.
Our Annual Review 2022 is available to download here.
Published: 21 April 2023
Author: Laura Baines