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Newcastle Building Society hits record mortgage lending

Michael Lloyd

July 25, 2019

Newcastle Building Society released its latest financial results for 2019, which showed increased profits and record mortgage lending. 

The society reported record gross mortgage lending of £380m, an increase of 65% on the first half of 2018.  

Net core residential lending was £60m higher than that delivered across the whole of 2018, at £220m.

Andrew Haigh, chief executive at Newcastle Building Society, said: “We can see clear evidence that our strategy is delivering meaningful progress.

“At a time when many banks are withdrawing from high streets, we still passionately believe in the role that branches and face to face advice plays in supporting local communities.

“That’s why we have been re-imagining our branch formats, investing heavily in them to ensure they continue to meet the needs of local people, and in the process growing our customer base.”

The society’s profit before tax was up 18% to £8.2m for the six months ended 30 June 2019, compared to £6.9m for the first half of 2018.

Newcastle Building Society’s mortgage arrears also remained at low levels at 0.36% and the society grew its customer base by over 25,000.

Haigh continued: “The society continues to make excellent progress in the face of very strong competition in the mortgage and savings market.

“Investing in branches and local high streets, delivering an outstanding customer experience and enabling our colleagues to realise their potential remain at the heart of our strategy.

“We will continue to ensure we make a positive contribution to our members and the communities in which we operate.” 

 

 


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