Gabbertas: It is time for building societies to shine
FINANCE: Building societies are entering a renewed period of potential growth that could lead to them fulfilling a new regional banking role by the end of the decade, according to a new report.
Despite difficult market conditions, KPMG's 22nd annual Building Societies Database found the sector has remained resilient with 23 societies increasing profit for the year.
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report: Richard Gabbertas, of KPMG.
This year's report also shows that the total group assets of the societies have grown to £315.4 bill-ion, compared with £306.2 billion last year.
Richard Gabbertas, KPMG's Yorkshire head of financial services, said he expects building societies "to play a big role in the future of banking in Britain".
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He said: "In many respects, it is their time to shine. By 2020, they could be fulfilling a new role as regional banks, capitalising on their attractiveness to smaller businesses and to customers who value their service."
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