Member Article

Pretax profits more than treble to £4 million for Newcastle Building Society

Newcastle Building Society have more than trebled their pretax profits, as the company today revealed its consolidated income results. Results show that figures rose from £1.3 million in 2013 to £4 million for 2014.

Operating profit (before impairment provisions and exceptional items) rose to £12.4million, from £10.6 million, whilst the company revealed a strong liquidity position at 23.6% (2013: 26.3%) of shares, deposits and liabilities.

Moreover, Credit Quality of mortgage portfolio reportedly remains robust with the percentage of loans in 3 months arrears or more reduced to 0.53% (2013: 0.64%), well below industry averages.

The company also reported an increased overall customer satisfaction of 92% (2013:91%), with satisfaction within their financial advice subsidiary of 97% (2013:92%).

Jim Willens, Chief Executive, said: “I am pleased with the Society’s continued and steady progress in 2014 and that we are in good shape going into 2015 and beyond.

“Our success is dependent on the outstanding team of people we have working at the Society.

“Their exceptional loyalty and commitment has enabled the Society to deliver the year on year improvement in our results and I would like to thank them for their contribution in 2014 and over the last 5 years.”