Partner Article

Newcastle Building Society reports hefty profit rise

Newcastle Building Society has enjoyed a strong first half to the year, reporting an upturn in profits.

Pretax profits increased from £3.5m to £7.2m, whilst the Society made considerable investments in both its system infrastructure and headcount, adding 40 new hires, during the period.

The Society continued to build healthy volumes of mortgage lending. Gross lending increased to £303m from £255m and net lending improved from £116m to £155m in the first half of 2017 compared to the same period in 2016.

Last week Newcastle Building Society’s high service levels were recognised by mortgage brokers and the general public when it was voted Best Regional Building Society in the What Mortgage Awards 2017.

Andrew Haigh, Newcastle Building Society Chief Executive, said: “We’ve made some very positive progress already this year and we’re proud of the milestones we’ve already achieved, both financially, and in delivering on the contract we have with the region.

“This extends beyond a commitment to the fundamentals of providing a robust regional building society and branch network, but also sees us driving growth to generate career opportunities for people across the North East, investing in our communities, and building an organisation the region can be proud of.”

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