Andrew Haigh
Andrew Haigh
Richard Bell

‘Encouraging’ half year for Newcastle Building Society as operating profits grow 16%

Newcastle Building Society has reported an ‘encouraging’ half year with profits on the up and jobs created.

The organisation increased its operating profit in the six months to June to £7.2m, a year-on-year uptick of 16% attributed to an influx of new savers and a growing demand for branch-based financial advice.

Pre-tax profits were down, falling from £7.2m in HY 2017 to £6.9m, although last year’s figures were bolstered with an exceptional profit of £2.1m relating to the purchase of the group’s Cobalt Park office in North Tyneside.

Similarly, gross mortgage lending dipped from £303m to £229m but remained in line with the group’s growth plan.

H1 2018 also saw the group deliver a refurbishment programme across its network of 28 branches and create 26 jobs. It plans to create a similar number of positions during H2 2018.

Chief exec Andrew Haigh said: “I am delighted that we have been able to improve operating profitability at a time when we continue to invest in our branch network, our community and creating a great place to work for our colleagues.

“Our financial performance at half year is particularly encouraging as we are reporting increased profits from ongoing operations, strong capital ratios, a robust liquidity position and low levels of arrears, reflecting the excellent credit quality of our residential mortgage lending.”

Looking to promote your product or service? Bdaily Marketing can help you reach a regional business audience. Request our latest Media Pack →

Our Partners

Join the discussion as a guest or using , or Google

Top Ten Most Read