Vernon Building Society’s gross mortgage lending rose by 17% year-on-year from £79.4m to £89.6m, according to the mutual’s full-year 2024 results.
The society said the growth in mortgage lending was in part due to its work to help under-served markets and support homeownership plans. Vernon Building Society’s mortgage book grew by 7.5% last year.
Its double-digit rise in lending came as the mutual reported the record value of its total assets, which have grown by 10% to £506m – the highest value in its 100-year history.
Meanwhile, Vernon Building Society’s profit before tax rose to £3.5m, up from £2.2m, while retail savings balances grew by 9% to £447m – planned growth that played a role in the expansion of the society’s mortgage book. It also completed a £1.2m refurbishment programme of its branch network and aims to have a branch in all 10 boroughs of Greater Manchester by 2030.
Steve Fletcher retired as the building society’s chief executive in December 2024 and was replaced by Darren Ditchburn.
Ditchburn (pictured) said: “Thanks to the leadership and dedication of Steve Fletcher, the Vernon has been left in a position of strength, and we are able to look ahead with ambition and purpose to ensure we remain a thriving, modern mutual for generations to come.”
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Supporting local charities
In 2024, the new Vernon Charitable Foundation supported 19 local charities focused on poverty relief and community development in Greater Manchester and Cheshire, with donations of £64,712.
Meanwhile, its long-running Community Stars programme donated £12,000 to 40 local charities and community groups in support of grassroots organisations.
Ditchburn added: “None of this would be possible without our amazing colleagues, who are the driving force behind our success. We’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the preferred choice of building society in Greater Manchester and Cheshire.”
