For the first time in Vernon Building Society’s 100-year history, the total assets of the Stockport mutual have exceeded £500m, growing by 10% to £506m, while profit before tax increased to £3.5m.
From a position of financial strength, the Vernon will continue to focus on growth and sustainability in 2025, while delivering real value to its Members.
Gross mortgage lending grew from £76.4m in 2023to £89.6m in 2024 thanks, in part, to the work the Vernon has done to help underserved markets and give more people the chance to become homeowners.
Retail savings balances grew by 9% to £447m – planned growth that played a vital role in the expansion of the Vernon’s mortgage book.
Steve Fletcher retired as CEO of Vernon Building Society in December 2024 and was replaced by new CEO, Darren Ditchburn, who is equally committed to helping Members build better futures.
“Thanks to the leadership and dedication of Steve Fletcher, the Vernon has been left in a position of strength, and we are able to look ahead with ambition and purpose to ensure we remain a thriving, modern mutual for generations to come,” said Ditchburn.
Alongside ensuring its financial stability for the future, the Vernon had many other reasons to celebrate in 2024, including the completion of a £1.2m refurbishment programme of its branch network. This has ensured, all the Vernon’s high street branches have now been transformed into modern, community-focused spaces where Members can access expert, face-to-face service in a warm and welcoming environment.
Described as Stockport’s ‘best kept secret’, the Vernon is bucking the trend of other financial institutions and in contrast to the wave of announced closures, it will instead be investing in new community branches across Greater Manchester, with the aim of having a presence in all 10 boroughs by 2030.
The Vernon has already started to expand its visibility and reach throughout Greater Manchester and Cheshire with the launch of its first TV advertising campaign, which encourages viewers to save their money with a local building society that not only offers competitive rates but also puts Members and community first.
Supporting the local community remains a priority for the Vernon. In 2024, their new Vernon Charitable Foundation supported 19 local charities, focused on poverty relief and community development in Greater Manchester and Cheshire, with donations of £64,712. Meanwhile, its long-running Community Stars programme donated £12,000 to 40 local charities and community groups in support of grassroots organisations.
“None of this would be possible without our amazing colleagues who are the driving force behind our success,” says Ditchburn. “We’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the preferred choice of building society in Greater Manchester and Cheshire by helping Members grow their savings and buy they own home. All with sustainable growth at the heart of our strategy.”
