Stroud & Swindon losses increase 71% to £5.8m

25 March 2010 5:33 pm | By Paul Thomas

The annual results show that total income fell by 50 per cent, from £25.5m in 2008 to £12.8m in 2009.

Stroud’s mortgage book also decreased, falling from £2.3bn in 2008 to £2bn in 2009.

The building society, which recently agreed a merger with Coventry Building Society, increased its provision for bad debts from £1.8m in 2008 to £2.6m for the year ending 2009.

Stroud & Swindon Building Society chairman Laurence James says: “There is no doubt that it has been a very difficult year in all respects. Our financial performance, although disappointing, was in line with our expectations and reflects the pressures that we have experienced in the mortgage and savings market during 2009.

“Both our capital strength and liquidity have improved and remain prudent in the current economic climate. It should also be remembered that we have a high level of reserves, profits built up during the good years to cover precisely the adverse conditions that we are now encountering.

“Against a difficult trading year and significant changes on the Board, the executive team and staff at the Society have worked immensely hard to maintain the high standards of service that the Society is renowned for.”

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