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Saffron BS reports 10% rise in gross mortgage lending

Saffron Building Society has reported gross mortgage lending of £751m for 2011, 10% higher than the £682m it lent in 2010.

The society’s 2011 results show it made a pre-tax profit of £1.8m, up 65% on 2010’s profit of £1.1m.

Its mortgage balances rose by 10% between 2010 and 2011 to £759m and its retail balances increased by 26% to £986m.

Jon Hall, chief executive of Saffron, says the society was among the top 30 lenders in the Council of Mortgage Lenders’ 2010 table and anticipates repeating this achievement for 2011.

He says: “2011 has been a tough year for the economy and for family finances. At Saffron, we have focused on providing a consistent and fair return for our savers despite the low interest rate environment, actively lending to individual property owners and supporting the communities we serve.”

Hall adds: “We aim to offer the right range of products that reward long-term relationships for our savers and borrowers, built on fair banking and the personality of our people. During 2011 Saffron exceeded £1bn of assets and is now the largest independent building society in the East of England.”

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