Tipton and Coseley Building Society - Getting back to business

Preliminary figures released today highlight the ongoing success of the Tipton and Coseley Building Society during 2010.

Net savings inflows totalled £5.91m and gross mortgage advances totalled £45.27m – an increase of 77 per cent on 2009. There has been a strengthening of Group capital ratios due, in the main, to pre-tax profits of £2.47m and the management expense ratio remained constant at 0.83 per cent.

Chris Martin, chief executive for Tipton and Coseley Building Society comments: “2010 was a year when we ‘got back to business’ after the credit crunch and difficulties in the UK economy. Whilst the Council of Mortgage Lenders (CML) reported mortgage lending was down five per cent in 2010, the opposite was true for us and we are pleased to report that mortgage advances at the Tipton increased by 77 per cent last year.

“In addition, we opened a new branch in Sedgley and our savings accounts Premier 30 and Hallmark 30 proved to be hugely popular both to existing and new customers. It was very rewarding to help out the local housing market and see a significant rise in our mortgage lending.”

For information on the range of products and services offered by the Tipton and Coseley Building Society, drop in at one of the branches in Tipton, Coseley, Sedgley or Bilston or visit: thetipton.co.uk