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The Melton Group has reported another year of progress in 2017 with profits of over £1.6m – the Society’s strategic commitment to share 5% of its profits in support of community welfare meant it donated more than £80,000 to local causes across Leicestershire, Rutland and Lincolnshire last year. The rise in profits was supported by growth in the Society’s balance sheet with loans and advances increasing by 6% to £359m.
The Melton received recognition in seven top industry awards in 2017, including finalists in the Best Charity Savings category of the Savings Champion Awards. Commenting on these results, Martin Reason, Chief Executive of the Melton said: “The increase in profits and how we share success with our community is central to the Melton’s ethos. We are delighted to be able to make a difference to local causes such as our local air ambulance and LOROS. However, we also have an important role to play in financial education within schools, developing awareness of the environment and supporting kickstart projects which create enduring community benefit.”
Key results for the year ended 31 December 2017 include:
• 14% increase in profits
• £75m new mortgages
• Mortgage arrears reduced by 18% to £0.11m
• Capital and reserves increased by £2m to £38m
“Our strong financial performance pays great tribute to the hard work, talent and dedication of our staff,” concluded Martin Reason.
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