The Cambridge posts strong 2018 results with a record year of lending
The Cambridge Building Society announces a record year of lending in 2018, providing £349m of new mortgage lending leading to mortgage book growth of 15%. This lending helped over 2,500 people to have a home – 15% of whom were First Time Buyers.
Alongside positive levels of lending, The Cambridge delivered £3.8m in pre-tax profit and, as a result of support from both their existing and new members, The Cambridge saw its overall asset base grow to £1.5bn.
The Cambridge accredits its strong results to the significant investments made in products, technology and people throughout recent years. 2018 also saw the launch of ‘Making the Difference’, an ambitious commitment to focus on partnerships and initiatives to benefit members of the Cambridge community who need extra help with having a home of their own.
2019 will see further investment, with plans to redevelop more of The Cambridge’s branches, the expansion of ‘Making the Difference’ with further initiatives, and greater digital development.
Peter Burrows, Finance Director comments on the results, “Our continued financial strength is essential in maintaining the sustainability of The Cambridge, but increasingly it is also key that we evolve and develop the Society to meet the changing needs of our existing and future members.
“Our mortgage proposition goes from strength to strength with record levels of new lending in 2018. In a low interest rate environment we recognise the challenges still faced by savers and over the past 12 months we’ve expanded our product range and improved the number of options customers have to manage their accounts. More members are now choosing to save with us via The Cambridge money app.
“Through ‘Making the Difference’, we are dedicated to finding innovative ways to help those who need a helping hand when buying their home. We’re going back to our roots with this initiative and are looking forward to further developing this throughout 2019.".
The Cambridge is an independent, mutual society which has been serving the community since 1850