Member Article

Newcastle Building Society report pre-tax profits of £800k

Newcastle Building Society has announced pre-tax profits of £800k for the first six months of this year, up from a loss of the same amount in 2013.

The firm has noted that the economic recovery is more “firmly established” as a result of rising business and consumer confidence.

The company, which currently employs 850 people, reports that the housing marketing has remained inconsistent but aims to continue to provide customers with good value mortgage products with an emphasis on helping first time buyers get on to the housing ladder.

The Society performed well against their key performance indicators including; improving profitability, investment in infrastructure, reducing arrears rates, reducing complaints, and maintaining excellent service standards for customers.

Chief executive Jim Willens is pleased with the outcome of the half yearly report. He said: “The recovery in the UK economy appears to be more firmly established and there are encouraging signs that this is set to continue with higher economic growth supported by rising business and consumer confidence.

“We continue to put the customer at the heart of our business as we believe this is what being a Mutual building society is all about. This means we focus on customer satisfaction and service and ensuring we do all we can to act on customer feedback and reduce the level of complaints.

“It has been another six months of continued and steady progress and against the backdrop of an improving economy I am confident that the second half will show further improvement with our focus remaining on our customers, staff and the communities within which we operate. “

This was posted in Bdaily's Members' News section by Ellen Forster .