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Business & Economy

Strong financial performance for Darlington Building Society

Darlington Building Society has announced a “robust” financial performance in its full-year results.

Chief executive Andrew Craddock put the solid performance down to “the way staff pulled together in unprecedented circumstances”.

Total assets rose from £666 million in 2019 to £705 million and pre-tax profits were £730,000.

Although profits fell from £1.77 million in 2019, this was primarily due to risk factors associated with the coronavirus pandemic.

Costs were also up because, despite the economic turmoil, the society invested in additional staff – including eight apprentices – and updated its technology.

Andrew Craddock said: “It’s been the hardest year I’ve ever known, and I couldn’t be prouder of the staff – it’s been humbing.

“In the context of the unprecedented challenges in the economy, this is an extremely robust set of results.”

Darlington Building Society chairman Jack Cullen added: “Although profitability is lower, we remain a strong, safe and resilient society, with robust levels of capital and liquidity, will in excess of regulatory requirements.”

Hitting £700 million for total assets places the mutual in the top 20 biggest building societies in the UK.

The society also continued to support the community through its pledge to contribute five per cent of its profits to local good causes.

A total of £77,438 was donated to 16 community organisations, and the Society extended its five per cent pledge to 2025.

Andrew added: “Thanks to a tremendous team effort, we’re in a really strong position, with ambitious plans to provide an even better service for members, look after our staff, and support our communities – and that makes me incredibly proud.”