Darlington Building Society Chief Executive Colin Fyfe with Chairman Jack Cullen
Colin Fyfe is set to step down as chief executive of Darlington Building Society at the end of the year after the group saw pre-tax profits top £1.5m in 2017.
Darlington Building Society saw net profits after tax rise to more than £1.5m last year after welcoming more than 1,000 new members.
The rise in profits was supported by growth in the society’s balance sheet and new lending together with an increase in the number of members.
A commitment to share 5% of its profits has also led to the group making a positive difference to over 8,620 people in the region, after the society donated more than £70,000 to local causes.
Chief executive Colin Fyfe said: “The trading results show a strong year of growth for Darlington Building Society both in terms of financial results and the number of members we have – which has increased by over 1,000 in the year.
“Our commitment to providing unique products to our local community to assist savers and to help, for example, first time buyers, has aided that growth.
“The increase in profits and how that is shared with our community has been wonderful to see and it is an honour to support many causes, such as St Teresa’s Hospice and Theatre Hullaballoo, on behalf of our members.
“We are also very proud that we have been recognised nationally by the British Bank Awards, being named the Best Savings Provider on 1 March.
“This is particularly pleasing as this award is based upon the views of the public where we have received an average customer satisfaction score of 97.3% for the year.”
Looking to the future, the society is now set to start its next chapter, building on its illustrious history of 160 years. The society moved into a new head office in December 2017, where there is room to continue its growth.
The society also welcomed new chairman, Jack Cullen, in January 2018, who has been the chairman of the society’s Board Risk Committee since 2015. The board has also been strengthened by three new, highly-experienced non-executive directors, Ian Wilson, Maxine Pott and Jon Sawyer.
As part of the announcement of the results, the society has revealed that chief executive Colin Fyfe will be stepping down from his role at the end of 2018 to take up a new role within the sector.
Chairman Jack Cullen said: “Colin has made a significant contribution to the Society since 2014 and has helped to clearly shape its future strategy. We are delighted that he will continue to lead the Society in the delivery of the strategic plan until the end of 2018. Everyone within the Society is very sorry to see Colin leave, however we wish him every success for the future.”
He continued: “I am delighted with the results to date and extremely proud to have become chairman of the society. We have had another year of strong progress as we deliver our strategy to remain a thriving, independent, regional Society, grow our business, strengthen our balance sheet and provide value to our members, community and people.
"We now look forward to the future with a good deal of anticipation and confidence.”