NEWS

SOCIETY ANNOUNCES A RISE IN PROFIT

23/03/2011

Branch redevelopment boosts growth.

In the face of the difficult economic conditions the Society is pleased to report growth in its total assets to £247.1, up from £245.8m and profits of £1.265m, up from £692,000 a year earlier.

The profit realised during the year was boosted by the redevelopment of our Poynton Branch. This development saw the Society exchange its old premises for a new purpose built branch plus an additional cash consideration which yielded a profit for the Society of approximately £622,000. This transaction has not only strengthened our capital position but the new premises have also attracted new customers to the Society.

However, even allowing for this development profit, the underlying performance of the Society was strong. In 2010 we continued to review and extend our product range and this has seen us launch our tracker bond, offset mortgage and regular saver account.

The Society faces the future with confidence. Our strategy will remain to enhance our

reputation as a source of trusted and reliable advice and we will continue to invest in our

people, technology platforms, and customer feedback to achieve this.

To read our Annual Review in full please click here.

In today's climate it is so nice to see a business that still uses common sense. I would have no hesitation in recommending the Vernon.
Mrs F, Hazel Grove

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*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

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Vernon Building Society is authorised and regulated by the Financial Services Authority (registration number 195475). It holds the following authorisations: to advise on and arrange mortgage business; to arrange general insurance business; and to introduce mortgage, general insurance, life assurance and investment business. You can check this on the FSA's website www.fsa.gov.uk/pages/register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

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For independent information about financial products and services visit www.moneyadviceservice.org.uk

Vernon Building Society • 19 St Petersgate • Stockport • SK1 1HF

Tel: 0161 429 6262 • Fax: 0161 429 6996 • Email: info@thevernon.co.uk