The Cambridge Building Society delivered a pre-tax profit of £4.1m during 2017 with its mortgage book hitting historically high levels.
The society announced its annual results today (Wednesday), which included gross lending of £240m and mortgage book growth of 7 per cent.
This was well in excess of the 4.3 per cent residential lending market growth recently reported by the Bank of England.
Peter Burrows, finance director at The Cambridge, said: "2017 has been a fantastic year for the society. Our continued growth builds on the momentum from record lending in 2016 resulting in our mortgage book growing by 20 per cent over two years to stand in excess of £1bn for the first time in the society’s history.
"Over the same period, we have held our cost base broadly flat, enabling us to drive significant improvements in our profitability."
The society recently secured an investment partnership with the Cambridgeshire Country Council Pension Fund to deliver a £15m capital injection, which preserves The Cambridge’s status as a member-owned, mutual organisation.
Mr Burrows added that 2018 would see continued investment in products and services with a new store in the centre of Cambridge planned for spring, with a series of initiatives to help first-time buyers expected later in the year.
