West Brom new mortgage lending reaches £479m

Jake Carter

November 24, 2021

mortgage prices

The West Brom’s new mortgage lending reached £479m up from £248m in 2020, according to its half year results.

£123m of these mortgages were to first-time buyers, up from £102m the year before.

Statutory profit before tax was £14.6m in the first half of 2021, compared to £2.9m the year before, which The West Brom said was driven by higher net interest income and fair value gains and lower impairment requirements.

Its capital position has remained strong with the Common Equity Tier 1 (CET 1) capital ratio of 16.3%, slightly down from 16.4%.

Jonathan Westhoff, chief executive of The West Brom, said: “It is pleasing to be able report a strong half-year performance, despite much of the period continuing to be dominated by the pandemic and the knock on impact on our members, colleagues and communities.

“Whilst we are optimistic about the economic outlook and better days are seemingly coming, there are still challenges ahead and we remain committed to delivering our Purpose through three guiding principles.

“These are prioritising the wellbeing of our members, colleagues and communities, ensuring our products, services and premises are safe and accessible and remaining operationally and financially resilient.”

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