Newcastle ups lending by 8%

Ryan Bembridge

February 28, 2018

Newcastle Building Society has increased gross mortgage lending by 8% to £535m in 2017.

The society said the increase reflects investments made in distribution, product range, and online systems capability for brokers.

Andrew Haigh, chief executive, said: “We’re very pleased with such a strong set of results which are the foundation for delivering our role as the North East’s building society.

“We are not just about encouraging people to save and plan their finances, and helping them to own their home, we believe it is also vitally important to support our communities in making positive changes, providing varied and meaningful career opportunities, and a great place to work for people across our region.”

The society also increased pre-tax profit by 62% to £13.1m, up from £8.1m in 2016.

Newcastle said the rapid increase reflected a fall in impairment charges and the Financial Services Compensation Levy, together with a one-off credit of £2.2m arising on the purchase of its Cobalt offices in the first half of the year.

It’s operating profit increased by £0.2m to £12.1m in 2017.

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