SILSDEN-based Ecology Building Society has reported another strong year.

The society generated full-year profits of £1.02 million for 2023.

Bosses say the figure is down from £1.66m in 2022, but that the drop can be attributed to higher costs associated with investment in modernising systems and technology – as well as raising interest rates for savers, whilst moderating increases for borrowers.

Net lending last year totalled £65m, compared to £69m in 2022, and mortgage asset balances grew to over £240m.

Chief executive Gareth Griffiths said "good progress" had been made against the society's 2030 strategy, including its digital transformation programme.

He added: "This will ensure we are fit for the future so that Ecology Building Society can continue to make a difference.

"We’re moving forward as a team so we can carry on fulfilling our mission to build a greener society and influence more positive change within our industry.

"The fundamentals of who we are and why we do what we do remain unchanged, even as we make progress through the biggest period of transformation in Ecology’s history.

"Completing the upgrade of our infrastructure will give us the foundations for a successful and sustainable future for the society for generations to come.

"And as we strive to improve our service to members, I’m proud that last year we were able to pass on more rate increases to our savers than to our borrowers."

Mr Griffiths says costs for the society are likely to remain higher in the short term as work progresses on the digital upgrade.

"As customer expectations evolve we’re working to offer better digital functionality to our members as part of efforts to improve our service overall," he adds.

"We need to keep attracting savings inflows to fund our impactful lending, and we know more savers are joining us because of our principles of sustainability and transparency.

"I’m confident that our founding principles of how we seek to change society for the better have never been more relevant. Care for the environment and ethical business practices are gaining in importance with the public.

"In plotting a careful course through the challenging mortgage and savings markets, we never lose sight of the needs of our members, and as a building society we always take a long-term view.

"Our members will always shape our business and have fed into work underway to refresh our stated purpose.

"The changes we’re undergoing now are building on Ecology’s heritage and strong foundations to ensure that we remain relevant and impactful into the future."