Money, investing, mutuals etc
-
planteria
- Posts: 6377
- Joined: Tue Nov 23 2010 4:52pm
- Location: England
- Has thanked: 708 times
- Been thanked: 1674 times
-
Contact:
Post
by planteria » Sat Jun 20 2020 11:02am
a letter to one of my family received today includes..
"Your Society has had another incredible year in terms of performance, with the highest level of growth of any building society in the entire sector."
total assets have increased 2017 £354.7m 2018 £397.4m 2019 £438.5 2020 £541.3m.
Was anyone here aware how well they were doing?
I'm not sure what proportion of their lending is from Saver's balances, but the rates paid to members are weak.
-
BeautifulSunshine
- Posts: 26721
- Joined: Tue Sep 14 2010 8:23pm
- Location: [The Finest City in the World: London]
- Has thanked: 192 times
- Been thanked: 3686 times
-
Contact:
Post
by BeautifulSunshine » Sat Jun 20 2020 1:30pm
Great going and more so in the current financial climate.
[imutual Cashback Investment Club]
-
planteria
- Posts: 6377
- Joined: Tue Nov 23 2010 4:52pm
- Location: England
- Has thanked: 708 times
- Been thanked: 1674 times
-
Contact:
Post
by planteria » Sun Jun 21 2020 12:27pm
i'm not really sure how they've managed such significant growth in assets AAAT..
-
pabenny
- Posts: 2739
- Joined: Tue Jun 29 2010 5:21pm
- Has thanked: 710 times
- Been thanked: 2192 times
-
Contact:
Post
by pabenny » Sun Jun 21 2020 3:40pm
Growth in assets can be achieved by aggressively targeting specific sectors (for example commercial property) with soft underwriting or generous incentives for intermediaries. Growth of around 25% in two years sounds impressive but Dudley BS are tiny - less than 1/500th of size of Nationwide.
Has there been a corresponding increase in profitability - and what will that look like in 2-3 years' time? The old BS came unstuck because they chased volume and ended up with a lot of bad loans in the early 90s recession.
-
planteria
- Posts: 6377
- Joined: Tue Nov 23 2010 4:52pm
- Location: England
- Has thanked: 708 times
- Been thanked: 1674 times
-
Contact:
Post
by planteria » Mon Jun 22 2020 9:05am
good question pab.. i'll be interested to see their next set of accounts and to read what you make of them too, if you get chance to take a look.
several years ago Dudley chose to pay zero interest on small instant access savings accounts.. when base rate was higher than it is now, and when all of their peers were paying some kind of interest to all saving members. so, they have form for being an outlier.
-
BeautifulSunshine
- Posts: 26721
- Joined: Tue Sep 14 2010 8:23pm
- Location: [The Finest City in the World: London]
- Has thanked: 192 times
- Been thanked: 3686 times
-
Contact:
Post
by BeautifulSunshine » Mon Jun 22 2020 12:44pm
planteria wrote: ↑Mon Jun 22 2020 9:05am
good question pab.. i'll be interested to see their next set of accounts and to read what you make of them too, if you get chance to take a look.
several years ago Dudley chose to pay zero interest on small instant access savings accounts.. when base rate was higher than it is now, and when all of their peers were paying some kind of interest to all saving members. so, they have form for being an outlier.
Respect for pulling off what other financial institutions would consider impossible.
[imutual Cashback Investment Club]
Users browsing this forum: No registered users and 34 guests