Nottingham gross mortgage lending up 28pc

Robyn Hall

February 22, 2013

The society also recorded an18% rise in group pre-tax profits to £8.5m and a mortgage book which is 100% matched by retail funds.

David Marlow, chief executive, said: “It is very pleasing to report that in 2012 the Nottingham has delivered a strong performance building on our progress of recent years despite continued challenges and uncertainty in the economy at large.

“Our efforts to ensure we balance the conflicting needs of our savings and mortgage customers were rewarded by strong growth on both sides of our balance sheet.”

Retail savings deposits increased by 14% and the balance sheet overall grew by 10% driven by the increase in gross mortgage lending.

The society’s arrears levels remained at just above a third of the industry average put forward by the Council of Mortgage Lenders with 0.64% of its total account base at 3 months or more in arrears.

Marlow added: “The Society is well positioned to move forward, despite continued uncertainty in the economy. We have a strong capital position and robust financial performance. Our plans for the year ahead are focused on extending the reach of the Society beyond its current locations and continuing to develop and improve the products and services that we offer to members.”

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