The results also showed a record 76.59% increase in new mortgage lending, enabled by a 14.6% increase in the number of members saving with the society.
Last year, Ecology lent more than £69.4m supporting 371 sustainable properties and projects ending the year with a 22.3% growth in mortgage assets.
The growth was supported by Ecology’s enhanced capital position after the Core Capital Deferred Shares capital raise in 2020.
The 2021 financial results also revealed savings balances stood at £239.5m and capital strength totalled £15.698m, while gross lending totalled £69.4m in 2021 from £39.3m the previous year.
Profit after tax increased to £1.019m from £0.524 in 2020. The society explained that the profit increase adds to its capital base, increasing its financial strength and enhancing its ability to remain resilient to the economic impact of the cost-of-living crisis.
Ecology is one of the first building societies to comprehensively report its climate-related disclosures, using the TCFD (Taskforce on Climate-related Finance Disclosures) framework.
Last year, the society launched its 2030 strategy to set out how it will realise its ecological mission.
Ecology chief executive Paul Ellis says the 2021 results mark “an outstanding year of sustainable growth for Ecology demonstrating, more than ever, the strength of our lending model and the importance of finance that has a positive impact for people and our planet”.
He describes 2021 as a “special year” for Ecology after it marked its 40-year anniversary.
“We’re powered by over 12,000 members, so it was critical that they helped to shape our new strategy setting out how we will realise our ecological mission for the remainder of this decade. Members can continue to be assured that their money is delivering a real contribution to tackle the climate and ecological crisis as well as supporting our agitation for system change.”
“I’m immensely proud that, for the first time, we have made comprehensive disclosures on climate risk using the internationally recognised TCFD framework showing how we’re helping to build momentum for other banking organisations to report on their climate impacts,” he adds.
As previously announced in August, Ellis will be stepping down from his role as chief executive at the end of April this year after 40 years at the society.
Speaking on his departure, Ellis says: “I am departing Ecology well assured that I will be leaving the Society in the very capable hands of those who are determined to build on the Society’s legacy as a leading example of the transformative power of ethical finance.”