Derbyshire reports mortgage lending of 2bn

Derbyshires annual results show its gross mortgage lending hit 1,860m in 2006.

The total gross mortgage lending, including book acquisitions, was a 33.8% increase over the previous year.

It also reported profit after tax was up 34.4% to 16.4m and asset growth stood at 6bn.

Peter Richardson, chief executive of Derbyshire, says: This has been another momentous year of growth and expansion as we achieved our third consecutive record performance in fiercely competitive market conditions.

Whilst delivering these record results, we have also improved our cost efficiency and have reduced our management expenses ratio to 0.87%.

“We are prudent in our risk management with the identification and management of risk a high priority and integral to both our strategy and our operations.

Our specialist lending business has a pivotal role to play in delivering more profit into the society, which enables us to enhance the value we can deliver to our members.

“Salt, our specialist lending brand launched in November 2005, is now a significant player in the developing and fast growing sub-prime marketplace.

“In 2006 we expanded into the commercial lending market recruiting a carefully selected team with significant commercial experience and we are looking to extend these operations this year.

The Derbyshire has also expanded its subsidiary, Derbyshire IFS, to offer independent financial advice on products from all providers in the marketplace.

“Our customers are now benefiting from having access to whole of market products from a name they trust when looking to satisfy their financial needs.

We continue to reshape our retail business to ensure we meet our customers needs more effectively with a greater choice of new and innovative services.

“In 2006 we refurbished 21 of our branches, whilst our commitment to service was further demonstrated by the introduction of longer opening hours at a number of our branches.

“We also responded to our customers demands for greater choice in how they do business with us by launching iSaver, our online savings account.

“Looking ahead, we will continue to seek out opportunities to deliver further growth and expansion for the benefit of our members.