North East building society increases profit by more than £1.5m

A North East financial institution has reported more than £1.5m revenue growth for 2019.

Newcastle Building Society announced that its operating profit increased by 11 per cent in 2019, going from £14.7m to £16.3m.

The company also saw a 12 per cent net growth in customers in the period, and created 150 new jobs across the region.

This follows the opening of three new branches and a multi-million pound investment in existing branch refurbishment.

The firm’s chief executive, Andrew Haigh, commented: “Like many regions in the UK we’ve witnessed the withdrawal of banks and financial institutions from our high streets.

“We share concerns expressed across our communities as we witness closed premises, visible decline, and the reduction in the availability of local financial services.

“But for a society committed to the region and with a strategy to be part of the solution, this is also an opportunity. In our view, something has to change.

“It’s time for new and innovative thinking.”