26th March 2025
A look back at the Society's centenary year - celebrating financial milestones, including surpassing £500 million in total assets, community activity and new leadership.
After celebrating a landmark year, the Society is closing the chapter on its first century with record-breaking achievements and continued commitment to Members and local communities.
The Society's total assets have surpassed £500m for the first time, rising by 10% to reach £506m. This strong financial performance was bolstered by a profit before tax of £3.5m, underscoring the Vernon's sustainable growth strategy and dedication to delivering value for its Members.
Mortgage lending increased to £89.6m, up from £76.4m in 2023, reflecting the Vernon's focus on supporting borrowers who may might struggle to get a mortgage elsewhere. This includes first-time buyers, families, and those with unique circumstances.
Savings balances grew by 9% to £447m, demonstrating Members' confidence in the Society's service and the value placed on in-person banking. This growth has enabled the Society to lend more while maintaining competitive rates, helping other Members achieve homeownership.
A £1.2m branch refurbishment programme has modernised the Society's six local branches, ensuring they remain welcoming and practical. At a time when many financial institutions are retreating from the high street, the Vernon is reinforcing its presence with plans to expand further across Greater Manchester in the coming years.
In 2024, the newly launched Vernon Charitable Foundation distributed over £60,000 to 19 local charities focused on poverty relief and community development in Greater Manchester and Cheshire. The Society's long-running Community Stars programme also contributed £12,000 to 40 grassroots organisations. In addition to charitable giving, in our centenary year, the Society supported the community through colleague volunteering with local non-profits and local event sponsorship - including as the primary sponsor of Together Trust's Join Together Festival. We also partnered with WizeUp to deliver financial education to local schools, helping students build their financial confidence and develop critical skills for the future.
Following the retirement of former CEO Steve Fletcher in December 2024, Darren Ditchburn has stepped in as the Society's new CEO. With extensive experience in the building society sector, Darren is committed to maintaining the Vernon's Member-first values.
“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,
“None of this would be possible without our amazing colleagues who are the driving force behind our success, we’ve built a strong and positive culture at the Vernon and will continue to work hard to meet our ambition to be the building society of choice in Greater Manchester and Cheshire by helping Members grow their savings and buy they own home."
As the Vernon embarks on its second century, the Society remains focused on helping Members grow their savings and achieve homeownership, while continuing to strengthen its presence in Greater Manchester and Cheshire.
You can find a detailed report of last year's activities, including financial perfomance and community updates, in the 2024 Annual Review.