CARLISLE, United Kingdom, June 08, 2026 (GLOBE NEWSWIRE) -- The Cumberland Building Society is pushing ahead with one of the largest investments ever made by a Cumbria-based business.
Its latest financial results reveal that the Society invested £26.3million in its core technology platform transformation in the year to March, as part of a total investment of £80million to £100million.
The investment will equip the Society with a modern and resilient, cloud-based banking platform, which is due to go live during 2027.
Writing in the annual report, The Cumberland's new Chief Executive, Stuart Miller, said: "This investment will ensure the Society is here for the long haul. It is a major commitment, but it is money well spent."
Operating profit, which excludes transformation costs, was a healthy £10.6million. Mortgage lending increased to £2.89billion and savings deposits to £3.17billion, both record figures, while the balance sheet stood at an all-time high of £3.46billion. Mortgage arrears were well below the industry average.
The scale of the investment meant that the Society recorded a statutory pre-tax loss of £12.2million. Chair Jackie Arnold noted that this outcome had been planned for and was fully supported by the Society's reserves and will significantly strengthen the Society's long-term resilience.
Unusually for a building society, The Cumberland offers personal and business current accounts and provides loans to businesses.
Alongside continuing growth in residential mortgages, it grew holiday let lending and broadly maintained commercial lending, providing new secured loans to retailers, care homes and hospitality sector. Borderway Finance, the Society's car finance subsidiary, also reported growth.
The Cumberland, headquartered in Carlisle, is Cumbria's largest financial institution, operating 31 branches across Cumbria, southwest Scotland, Northumberland and Lancashire. In 19 communities, from Langholm to Ulverston, it is now the only provider of high street banking services.
Refurbishments at the Carlisle Rosehill and Annan branches were completed during the year, followed by the successful upgrade of the Barrow branch. Whitehaven is now next in line for a major refurbishment.
Stuart Miller reassured Members that, under his leadership the Society would continue to invest in its branches. He wrote: "I know customers really value The Cumberland's continued presence on the high street when other providers have abandoned them. I understand how critical maintaining financial services is to communities."
Stuart became Chief Executive at the year-end, succeeding Des Moore.
Des closed his final annual report by describing leading The Cumberland as "the greatest privilege of my life" and thanking colleagues for their hard work over his eight-year tenure.
Highlights of his final year included the Society achieving BCorp certification, retaining the Feefo Platinum Trusted Service Award for the sixth consecutive year, and improving its position in Best Companies' rankings, earning a "worldclass" rating for engagement.
He was also named Business Leader of the Year at the inCumbria Awards.
The Cumberland has committed to offering "a banking experience that is kinder to people and the planet" and remains on track to be operationally carbon neutral by 2030. It continues to prioritise community initiatives, having donated £675,000 over the last [3 years] to its Kinder Kind of Kitchen partnership to tackle food poverty.
The year saw it launch another partnership, with FutureJam, to deliver a financial literacy programme for young people while its Carlisle United community ticket scheme, which has enabled more than 30,000 young football fans to take in a free match at Brunton Park, marked its 20th year. The Society also donated £22,000 to Cumbria Wildlife Trust in the final year of a three-year partnership to protect endangered red squirrels, while its affinity savings accounts raised £55,196 for Cumbrian hospices.
The Cumberland Charitable Foundation provided grants to 219 organisations, from 1st Grange & Cartmel Scouts to William Howard, Silloth Primary and Castle Carrock Primary Schools, a Warm Welcome space in Haltwhistle and HB Tours, Langholm, which provides days out for vulnerable people.
The Cumberlands's annual general meeting (AGM) takes place on Tuesday 21 July at The Cumberland Head Office in Kingstown, Carlisle. The Cumberland donates £2 to good causes for every vote cast at the AGM, whether in person or online.
Last year, the Pledge for Votes scheme raised £16,162, which was split between its Kinder Kind of Kitchen initiative partners, FareShare Lancashire and Cumbria and FareShare Glasgow and the West of Scotland.
This year, the beneficiary is Time to Change West Cumbria, a community interest company that tackles homelessness, and the Society is encouraging all its members to use their vote.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9709e958-d2be-49a7-9b03-c204b9d2c950
e: hello@weareintro.co.uk w: www.weareintro.co.uk
