Marsden announces 2010 results
The Society’s results demonstrate a strong performance in 2010 with improved operating profit and increased financial strength from Lancashire’s leading building society. At the year end, the Marsden has assets exceeding £342 million, providing a strong mutual alternative to a membership base which extends to over 38 thousand customers.
Financial highlights
· Operating profit of £0.6M
· Strong capital – the Society reserves increased by £0.5M to £31.1M
· Core Tier 1 capital ratio of 24.8%, one of the strongest in the sector
· Management expenses (excluding restructuring costs) reduced by 0.22% to 1.17%.
· Mortgage lending £39.5M in a difficult market
Other highlights
· A reduction in administrative expenses of £1.0m in 2010
· Strategic partnerships formed to support our retail outlets with Cumbrian Properties and Travis Yates IFP
· New products launched to reward loyalty of existing savers and borrowers under the Members Reward brand
· Support for good causes increased with over £27K donated to our affinity partners
· Reorganised our business operations to provide a heightened focus on Member Services
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