View more on these topics

Kent Reliance bucks trend with rising profits

Kent Reliance building society has revealed profits rises of 121 per cent in its end of year figures.

The mutual has reported rises in profits, mortgage lending and savings.

Total Assets for the building society were up 9.6 per cent, to £2.34bn.
Profits before tax rocketed 121 per cent to £12.60m, up from 2007’s £5.71m.

The mutual’s mortgage balances were up 19.9 per cent to £1.88bn, and
retail balances rose 5.9 per cent to £1.747bn.

Kent Reliance chief executive Mike Lazenby says: “The net interest margin remains below the industry average, largely due to the lower costs of operating the business because of our back office operations, Easiprocess in India.”

Lazenby says Easiprocess also continues to provide services to a Jamaican based mutual building society and is also providing telephone support for a Sharia compliant cash card operated in conjunction with Mastercard.

Lazenby adds: “We are disappointment that we have been unable to secure a deposit taking licence on Jersey and so we are currently reviewing our strategic options for our Channel Islands operations, notwithstanding that the Channel Islands provides a beneficial impact on the Group.

“Kent Reliance believes that it continues to live out the rationale for being a building society – offering competitively priced mortgages and a safe and secure place for savings whilst contributing to the local communities in which it operates. The Society expects its offshore capability to be a critical part of the future and expects to be able to supply services to more third parties in the year to come.”

Recommended

Let the heads roll

New Star Asset Management took another blow this week after it was forced to suspend trades on its £470m international property fund as money haemorrhaged away through increased investor redemptions.

Osborne attacks ‘greatest failure’

Conservative Shadow Chancellor George Osborne has branded Chancellor Alastair Darling’s pre-Budget report as “the greatest failure of public policy in a generation”.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com