Cumberland steps up investment and commits to 'kinder banking'

CARLISLE, England, June 13, 2022 /PRNewswire/ -- The Cumberland Building Society is embarking on major investment as it promises to offer banking services that are "kinder to people and planet".

The pledge comes in its annual report, published today, which underlines its position as the region's leading mortgage and savings provider.

Savers' deposits grew by £100m to £2.4bn in the year to March while mortgage lending hit a record £2.2bn as the Cumberland provided loans to more than 500 first-time buyers.

Profits before tax fell from £10.5m to £8.6m, mainly because of increased investment in its Cumberland 2025 modernisation programme.

Chairman John Hooper said: "Our Cumberland 2025 plan will provide new digital channels, making it easier, quicker and more convenient to engage with us and manage accounts."

The Cumberland is based in Carlisle with 34 branches across Cumbria, southwest Scotland, Northumberland and Lancashire.

Chief executive Des Moore expects a "noticeable reduction in profits over the next few years" as the Cumberland steps up investment, cushions vulnerable customers from the rising cost of living and lives up to its new strapline: "Kinder banking. It's in our nature."

The society gives 1.5 per cent of profits to charitable causes, donating £188,000 in 2021-22. This year, it has pledged to donate £2 to Samaritans for every vote at its AGM.

During 2021-22, it retained its Platinum Trusted Service Award from Feefo, was ranked as one of the 100 best companies to work for in the North West and won 'large business of the year' at the in-Cumbria Business Awards.

It also collected two global operational excellence awards at the Business Transformation World Summit in Miami and won 'financial services team of the year' at the British HR Awards.

No Cumberland employee is paid less than the Real Living Wage. The year saw total employee numbers grow from 564 to 584.

Its head office reopened in February but many employees continue to work at home some of the time as the society embraces hybrid working.

The Cumberland is committed to equality and diversity. It is working with Anti Racist Cumbria on staff training and hit a target of having women in a third of senior roles six months ahead of schedule.

Looking ahead, Mr Hooper said: "The Cumberland is well placed to benefit in the medium term from the planned investment. This, coupled with the strong foundations provided by its distinctive business model, will allow the society to thrive into the future."

Issued on behalf of The Cumberland Building Society by Intro PR
Contact: Nick Turner, nick@weareintro.co.uk, 07738 414357