2017-18 annual results announced

Published on 1 June 2018

The Cumberland has delivered strong results for the year ending 31 March 2018, reporting a profit after tax of £17.53 million, record mortgage lending of £449 million and a significant inflow of funds into savings and current account balances of over £78 million.

Over and above its strong performance, the Society has picked up a series of awards.

It won both the Mortgage Finance Gazette’s ‘Best Customer Service’ award for its customer experience programme and its work to protect vulnerable customers, and the title of ‘Best Regional Building Society’ for consistently competitive mortgage rates, for the sixth time.

In addition, the Cumberland’s current account customers were also named the ‘Happiest in the UK’ for the fourth time in a row in an independent survey by the banking consumer group, Fairer Finance.

The Cumberland’s digital services were further enhanced during the year with the addition of its webchat service, the introduction of Apple Pay and Google Pay on its current accounts and the integration of Xero, the UK’s leading provider of on-line accounting software, for its business banking customers.

2018 also saw The Cumberland appoint Des Moore as its new chief executive in April following the retirement of Kevin Parr after more than 15 years in the role.

Commenting on the year’s results the Cumberland’s chairman, Trevor Hebdon, said: “I am delighted to report another incredibly strong set of results in my first full year as Chairman.

"We have enjoyed record levels of mortgage lending this year, positive increases in our savings balances and we now operate more than 60,000 current accounts for people and businesses across our region.

"In addition, our commercial arm, estate agency and vehicle finance subsidiary, Borderway Finance, have all made exceptionally positive contributions to our business.

"This continuing success is the result of great people, a resolute commitment to putting our customers first and upholding the values of a mutual organisation.”

The Cumberland continued to support its local communities during the year with donations of more than £100,000 to a range of community and charitable projects.

It has also pledged to donate 50p for each vote received at its 2018 Annual General Meeting, with the total donation to be split between local offices of MIND and Support in Mind Scotland for their work within the Society’s operating area.