Ecology Building Society Results: Record-Breaking Success
Ecology Building Society today announces record assets, record gross and net lending and record savings balances for the year ending 31 December 2015, demonstrating that using money to make a positive difference to people and planet is both possible and profitable.
Ecology Building Society, an ethical finance pioneer, offers a range of simple, transparent, ethical savings accounts that fund mortgages for properties and projects which support individuals and communities to adopt environmental building practices, improve the energy efficiency of the UK’s building stock and live or work in a way that promotes a sustainable economy.
The results mark more than 30 years of uninterrupted profitability and provide a compelling case for a long-term, purpose-driven approach to finance.
The Society’s key results included:
- Record assets of £145.9m (2014: £137.9m) with a strong asset growth rate of 5.85% (2014: 10.62%)
- Record gross lending of £42.1 (2014: £23.1m) with net lending passing the £25m milestone for the first time.
- A surge in savings balances to £134.7m (2014: £129.1m) supported by the relaunch of the savings product range in the first quarter of 2015.
- Strong net profit of £881,000 (2014: £566,000).
Throughout 2015 Ecology also maintained its commitment to ethical business practices including receiving accreditation as a full Living Wage employer, which built on their longstanding commitment to a fair pay ratio. They also recently became the first building society to be awarded the Fair Tax Mark, which sets a benchmark for responsible tax behaviour.
In 2015 Ecology lent over £42m for sustainable properties and projects, with 95% of mortgages advanced on residential properties (including new builds, renovations and shared ownership) and 5% on developments for community gain (including charities, community businesses and affordable housing).
Commenting on the results, Chief Executive Paul Ellis said:
“We’re proud to be at the forefront of the most exciting type of finance there could be: using money to make a positive difference for people and planet. Our results prove that our approach to ethical values-based banking is more relevant than ever and demonstrate how we are delivering on our mission to build a greener society.
“Throughout 2015 we have retained our commitment to focus on lending for positive environmental and social impact. Our record levels of lending represent a significant increase in our positive impact.”
Since his appointment in 1995, Paul has overseen an asset increase of over £120m. He continues to be the longest-serving CEO in the building society sector, in the youngest society still in existence, highlighting a shared commitment to the long term.
Published: 7 April 2016
Author: Jennifer Whiteside