About us

Furness bucks the trend

Despite the present turmoil in the financial marketplace, Furness Building Society continues to be a profitable organisation producing a good set of results over the previous year.

These include:

  • a gross profit of £1.7m even though the Society has had to account for significant levies to the Financial Services Compensation Scheme relating to Bradford & Bingley plc and the Icelandic banks
  • mortgage lending of £133m, whilst still maintaining strict quality standards, resulting in total mortgage assets increasing to £680m
  • average loan to value on mortgages completed in 2008 was just 52.84%
  • growth in total assets of 4.21% increasing year end assets to £880m
  • a reduction in the management expense ratio from 0.88%to 0.86% which demonstrates that the Society continues to be managed effectively
  • an above average capital ratio of 6.98% which illustrates the strength of the Furness
  • keeping a higher than average level of liquidity throughout the year
  • becoming a Top 20 building society

The Society has therefore been successful in maintaining its financial strength in unprecedented times with a resilient performance during 2008.

2008 saw the introduction of the Society's rebranding and the creation of its new strapline 'always with your interest at heart' as well as the acquisition of the Turnerford Financial Services client book to further expand Furness Independent, the Society's independent financial advice subsidiary.

Rob Cairns, Chief Executive of Furness Building Society, stated 'I am delighted that we have delivered such strong results despite the difficult market environment. The safety and security of our members' savings remains our top priority. This has been achieved through our very prudent approach to mortgage lending together with our continued conservative liquidity management strategy which resulted in the Society having zero exposure to failed financial institutions. Our members have the comfort of being able to take it for granted that we will keep their money safe.'

He added that 'in 2008, we have continued to be profitable and our balance sheet has remained strong. 2009 is going to be a further challenging year but we, at the Furness, are certainly looking forward to this challenge, continuing to take a prudent and proactive approach to our business'.

~END~

For more information, contact:

Mr Rob Cairns
r