Building society profits rise

1:46pm Tuesday 18th March 2008

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The Ecology Building Society doubled its lending in 2007 in spite of the worsening economic climate as more borrowers sought energy-efficient homes.

The Silsden-based society, which specialises in green mortgages, increased gross lending in 2007 to a record £15m compared with £7.7m in 2006, with net lending of rising to £9.7m from £3.3m.

This resulted in mortgage asset growth of 17.1 per cent.

Ecology's ethical savings balances also grew by 10.1per cent, taking the total savings balance to £69.4m.

Chief Executive Paul Ellis said the rise in savings could be partly due to the concerns of savers in the UK who were keen to find an ethical and secure provider of deposit accounts and tax-free individual savings accounts.

The Society was anticipating further growth in 2008 as more people chose energy efficient homes.

Commenting on the 2007 results, Mr Ellis said: We have had an exceptional year. Lending is up, inflow is up and profits are up.

" Not only are we doing well financially, but the ecological quality of our lending continues to be strong.

"We will be announcing a new suite of discounts to support buyers of accredited sustainable homes very shortly, which will offer borrowers significant rate savings for the life of their mortgage on the whole of their mortgage."