For the first time in Vernon Building Society’s 100-year history, the total assets of the Stockport mutual have exceeded £500m, growing by 10% to £506m, while profit before tax increased to £3.5m.
From a position of financial strength, the Vernon will continue to focus on growth and sustainability in 2025, while delivering real value to its Members.
Gross mortgage lending grew from £76.4m in 2023 to £89.6m in 2024 thanks, in part, to the work the Vernon has done to help underserved markets and give more people the chance to become homeowners.
Retail savings balances grew by 9% to £447m – planned growth that played a vital role in the expansion of the Vernon’s mortgage book.
Alongside ensuring its financial stability for the future, the Vernon had many other reasons to celebrate its centenary year, including the completion of a £1.2m refurbishment programme of its branch network. This has ensured, all the Vernon’s high street branches have now been transformed into modern, community-focused spaces where Members can access expert, face-to-face service in a warm and welcoming environment.
Described as Stockport’s ‘best kept secret’, the Vernon is bucking the trend of other financial institutions and in contrast to the wave of announced closures, it will instead be investing in new community branches across Greater Manchester, with the aim of having a presence in all 10 boroughs by 2030.
The Vernon has already started to expand its visibility and reach throughout Greater Manchester and Cheshire through its first recent investment in TV advertising, which encouraged viewers to save their money with a local building society that not only offers competitive rates but also puts Members and community first.
“None of this would be possible without our amazing colleagues who are the driving force behind our success,” says Darren Ditchburn, CEO.
“We’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the preferred choice of building society in Greater Manchester and Cheshire by helping Members grow their savings and buy they own home. All with sustainable growth at the heart of our strategy.”