The Cumberland Building Society has announced an investment of £26.3 million into its core digital technology platform for the financial year ending March 2026.

The expenditure represents the current phase of a planned £80 million to £100 million cloud-based banking infrastructure overhaul scheduled to go live in 2027.

The Carlisle-headquartered mutual society reported a record balance sheet high of £3.46 billion, with mortgage lending rising to £2.89 billion and savings deposits reaching £3.17 billion. Operating profit, which excludes the transformation costs, stood at £10.6 million. However, the scale of the technology investment resulted in a planned statutory pre-tax loss of £12.2 million. Corporate governance of the mutual over this transitional period is overseen by Board Chair Jackie Arnold.

Unlike typical UK building societies, which focus almost exclusively on residential mortgages and savings, The Cumberland operates a full commercial and retail banking model. The institution provides personal current accounts, business banking, and specialised commercial lending to the hospitality, holiday let, care home, and retail sectors across the North of England and Scotland. Its automotive lending subsidiary, Borderway Finance, also reported growth over the 12-month period.

The Cumberland remains Cumbria’s largest financial institution, operating 31 branches across Cumbria, southwest Scotland, Northumberland, and Lancashire. Following recent branch refurbishments in Annan, Barrow, and Carlisle Rosehill, the society confirmed its Whitehaven branch is next scheduled for modernisation.

The publication of the annual results marks the formal handover of leadership to new Chief Executive Stuart Miller, who succeeds Des Moore following his eight-year tenure. The society also noted it has secured formal B Corp certification, assessing its social and environmental performance.

Stuart Miller, the incoming Chief Executive of The Cumberland, stated: “This investment will ensure the Society is here for the long haul. It is a major commitment, but it is money well spent.

“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.”

Des Moore, the outgoing Chief Executive, 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.