Ecology Building Society Results: Sustainable Success
We’ve announced another solid set of results with record assets for the year ending 31 December 2017, showing that a better way to do finance is possible – and powerful.
Highlights of the 2017 results include:
- Record assets of £178.7m (2016: £173.1m)
- Gross lending of £28.2 (2016: £30.7m)
- Growth in savings balances to £167.8m (2016: £163.1m)
- Profit maintained at £915,000 (2016: £920,000).
In 2017 Ecology lent over £28.2m for sustainable properties and projects, with 78% of mortgages advanced on residential properties (including new builds, renovations and shared ownership) and 22% on community-led housing (including charities, community land trusts and housing co-operatives) and non-residential properties such as sustainable businesses.
The results continue more than 30 years of uninterrupted profitability demonstrating that values based and purpose-driven finance is successful in the long-term. The additional profit adds to Ecology’s capital base, increasing its financial strength and enhancing its ability to grow its lending and further invest in the digital capability that will enable the Society to thrive in a modern environment.
Throughout 2017 Ecology maintained its commitment to ethical business practices. They are the first and remain the only building society to be awarded the Fair Tax Mark for responsible tax behaviour and continue to reduce their own environmental impact as well as supporting environmental lending.
Commenting on the results, Chief Executive Paul Ellis said:
“Recent initiatives such as the report of the Government’s Green Finance Taskforce are positive signs of a growing interest in Ecology’s sustainable lending model, demonstrating how finance can support the transition to a low-carbon economy.
“We’ve been providing sustainable mortgages for more than thirty years which incentivise the most energy efficient projects and properties. Our continued growth and success shows that finance that benefits both people and planet can be profitable.
“As well as supporting more and more people to renovate their homes to a high environmental standard, I’m particularly pleased that we have increased our lending for community-led housing solutions which are helping to tackle the housing and affordability crisis.
“We have a strong pipeline of lending opportunities which will enable us to continue to grow our mortgage book in 2018 while maintaining our commitment to our core principles of sustainability.”
Paul continues to be the longest-serving CEO in the building society sector and during 2017 he celebrated 25 years at Ecology. Since his appointment as Chief Executive, in 1995, he has overseen an increase in assets of more than £150m.
Ecology’s AGM and Members’ Meet-up is taking place on Saturday 28 April at The Priory Rooms in Birmingham. We’ve sent members their AGM packs which includes the Notice of our AGM, our Annual Review 2017 and information on how to vote online as well as details on how to register for the AGM and Members’ Meet-up.
Published: 16 April 2018
Author: Jennifer Whiteside