Full marks for Teachers as new lending doubles
Teacher’s assets grew by 4% in 2012 to £232m and reserves remained steady at £19m. Pretax profits were £387,000.
James Bawa, chief executive of Teachers Building Society, said: “We have made a good start on our plans for strong growth over the next 10 years and we’re particularly pleased that our mortgage lending almost doubled when the wider market remains challenging.
“Lending to first-time buyers represented 30% of our loan book for 2012 and it’s an area we really want to keep the focus on.
“Our return to the broker market two years ago has proven to be a positive move as just over half of our mortgage business came from this source last year.”