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Boom year for Chelsea as lending leaps 36%

Chelsea Building Society&#39s gross mortgage lending jumped by 36 per cent over the past year to £1.7bn from £1.3bn.

The society&#39s results for 2002 also show total assets increased by 14 per cent to £6.7bn from £5.9bn in 2001 and profits grew by 12 per cent to £49.9m from £44.4m.

Chelsea says its net mortgage lending of £721m last year is almost 50 per cent higher than its natural market share, calculated using the ratio of Chelsea&#39s total mortgage assets compared with the mortgage assets of all societies, which would equate to £481m.

Improvements in the society&#39s operating efficiency have cut costs to assets to 0.69 per cent from 0.73 per cent and the costs to income ratio to 46.41 per cent from 46.67 per cent.

The society says that both these ratios are among the lowest in the building societies&#39 sector.

Chief executive Michael Bage says: “Chelsea&#39s performance in recent years has been outstanding and 2002 was no exception. High levels of business growth, low operating costs, strong capital ratios and low mortgage arrears underline our financial strength and security.”

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