The Cambridge saw 6% growth in its mortgage book, surpassing £1.5 billion for the first time in its history and signalling the Society's continued expansion in the mortgage market.
Savings balances grew by 9%. Faced with five Bank of England base rate increases in 2023, The Cambridge demonstrated its commitment to savers by increasing the average rate paid to its savers by 1.86%, outpacing the 1.75% increase in the Bank of England base rate.
The mutual also revealed impressive figures for its capital reserves, which now stand at £127 million alongside liquidity assets totalling £331 million. These numbers comfortably surpass regulatory requirements, reinforcing the Society’s healthy financial position.
One notable development for the Society during the year was the establishment of its partnership with specialist mortgage lender Roma Finance, enabling The Cambridge to provide support to people with complex borrowing needs. The mutual aims to expand this partnership further to provide its customers with over £100 million of lending, further solidifying its foothold in the lending sector.
Customer service remained a top priority for The Cambridge. As measured by independent surveys conducted throughout the year, The Cambridge's 'Customer Experience Score', a comprehensive basket of service quality measures, reached its highest level since before the pandemic emphasising the Society’s dedication to customer satisfaction. 94% of customers said that The Cambridge met or exceeded their expectations, and 95% said that they believed that service quality had been maintained or improved over the year.
In 2023, the mutual participated in the biannual Best Employers (Eastern Region) survey, giving its team members the opportunity to express their views on the culture at the Society. Three quarters of team members took part, and The Cambridge achieved results that were ahead of its scores from the previous survey two years ago and ahead of the average of other participating businesses.
At the end of 2022, The Cambridge stepped in to support those in need by setting up its £100,000 Cost of Living Crisis Fund. Over 2023, the Fund supported over 4,000 individuals including children, families, and vulnerable people with essential needs such as food and heating. This was alongside further grants totalling £40,000 awarded to four local charities via The Cambridge Building Society Community Fund.
The Society's innovative Rent to Home initiative continued to make strides, assisting first-time buyers who struggle to make the leap from renting to home ownership. This groundbreaking initiative allows tenants to rent a property from The Cambridge for up to three years, with 70% of the rent that they pay returned to them at the end of their tenancy for them to use as a deposit in purchasing their own home. In 2023, one tenant completed their Rent to Home journey and received over £18,000 from the scheme, while four new Rent to Home tenants were welcomed into the programme.
The Cambridge takes its commitment to environmental stewardship and community engagement very seriously and has purchased a house in Cambridge with the aim of retrofitting it to improve its environmental credentials. Looking to the future, The Cambridge intends to document and openly share all aspects of the retrofitting process, to showcase how green solutions can be delivered in a manner that is both affordable and in sympathy with local architecture. Once the house is fully redeveloped, it will join the Society’s Rent to Home portfolio.
Chief Executive, Peter Burrows, said: “2023 was by all measures a successful year for The Cambridge Building Society.”
“We continued to provide excellent customer service, delivering year-on-year improvements and outstanding levels of customer and employee satisfaction that are validated by independent surveys.
“Our financial performance is the best it has ever been. 2023 saw high inflation and multiple interest rate increases, but we remained dedicated to finding a fair balance for our borrowers and savers, while at the same time investing in our people to further support the development of our business.
“Our commitment to our community is unwavering, as illustrated by the scale and breadth of our community activity, all focused on helping local people have a home.
“I’m proud of what we have achieved together, and the positive impact it has had on our customers, our communities, and our team members.
“Our focus on serving our loyal members and delivering great customer service has helped us thrive.”
Visit www.cambridgebs.co.uk to find out more.
