The Cambridge posts record pre-tax profits and capital reserves in 2021 results

March 30, 2022

The Cambridge Building Society today announces strong 2021 results, with record pre-tax profits of £11.9m and capital reserves of £100.6m – in excess of £100m for the first time in the Society’s history.

This achievement was helped by £318m of new mortgage lending leading to mortgage book growth of 4.3% and strong liquidity assets of £303m, with total asset growth of 1.6%.

Part of the Society’s success during the year was due to an increase in underlying performance, supported by the prevailing low interest rates, as well as a number of one-off financial market movements on its interest rate swap portfolio.

In June the Society completed 254 mortgage transactions totalling more than £51m of lending – a record since it formed as a mutual society in 1850.

It continued to invest in its branch network in 2021 with an upgrade to its Histon branch, as well a beginning work on a new site in thriving Butter Market in Bury St Edmunds, which opened in January this year – the first new store in a new location launched by the Society in more than 15 years.

The Society also invested in its Head Office in Cambridge City centre, providing state-of-the-art office space to facilitate hybrid working for its people, the majority of whom worked from home during 2021.

More than 60 new team members were recruited during the year, taking its total workforce to 215. It also achieved a gold accreditation in the Best Employers Eastern Region programme.

Its people donated more than 1,000 hours to local charitable causes, by helping to design and build outdoor furniture, paint accommodation and share office-based skills and wellbeing workshops with YMCA Trinity Group, as well as donating funds to a number of other charities involved in alleviating homelessness in its local communities.

The Society also donated a further £160,000 to its Community Fund with money from dormant accounts, to award grants to charitable causes, taking the fund to more than £600,000.

CEO, Peter Burrows, said: “I could not be more delighted with our results for 2021, which are testament to the hard work and dedication of a committed team of experts.

“We appreciate the loyalty and trust of our customers, who continue to see The Cambridge as a great mortgage provider and a trusted place to save, as well as a committed supporter of our local communities.

“2021 continued to be a challenging year for most, but we are proud of the resilience we have shown throughout the year, with steady growth, through responsible lending and headline-making savings products that reward our customers’ loyalty to us.

“Supporting customers remains at the heart of what we do. We are clear on our purpose: to find ways to help people have a home, by supporting people who couldn’t buy without our help and by working with our communities to help people have appropriate shelter and housing.”