Building society reports modest profit on 175th anniversary

THE Cumberland Building Society has reported healthy financial results as it celebrates its 175th anniversary and continues to grow its savings and mortgages balance sheet, ending the year at a record high of £3.33bn.

Mortgage lending rose by 6.6 per cent to £2.76bn, while savings balances climbed by 7.1 per cent to £3.01bn.

As expected, profit levels reflect the significant investment made on New Cumberland, a project seeing the Society invest in a resilient, future-proof banking platform.

Its statutory pre-tax profit of £1m compares with £9.6m in 2023-24. Operating profit reduced from £27.4m to £20m as high inflation and falling interest rates squeezed margins.

The Cumberland is Cumbria’s largest financial institution with 31 branches across Cumbria, Northumberland, Lancashire and southwest Scotland.

Chief executive, Des Moore, who is stepping down in the summer of 2026 added: “We have no external shareholders demanding a quick return on capital. This enables us to take long-term decisions in the best interests of members.

“I am genuinely excited by the potential of the Society to do good and achieve more. We have a promising future as well as an illustrious past.”