It achieves mortgage lending growth despite the challenging economic environment
The Nottingham Building Society has delivered a positive financial performance in the first half of the year, reporting growth in mortgage lending despite the challenging economic environment.
The mutual’s underlying profit before tax grew significantly by 87.7% to £13.7 million in the six months to June 30, 2023, when compared with the same period last year. Underlying net interest increased to 2% from 1.5% last year.
Gross new lending also rose by 81% to £457.1 million in H1 2023 from £252.5 million in H1 2022.
Total mortgage assets increased by 13.8% to £3.3 billion, while the number of the lender’s new mortgage customers grew from 2,396 last year to 3,630.
“This has been a pivotal six months for the Nottingham,” Sue Hayes (pictured), chief executive at Nottingham Building Society, stated in the financial performance report. “Our strong performance in a volatile economic environment demonstrates the progress we have made towards transforming our building society.
“We know this has been a challenging time for our members, and I am proud that we have done everything we can to support them.
“The last six months has seen the biggest impact on mortgage holders in 15 years, which is why we were one of the first to sign up to the new Mortgage Charter – ensuring our borrowers can access the best solutions for them and helping them through this challenging environment.”
Looking to the future, Hayes said The Nottingham would support an even broader range of people in their goal of stepping into the property ladder.
“We have introduced a range of lending criteria changes in recent weeks that will help enable this. In addition, our partnership with Generation Home to make property ownership more achievable continues to develop strongly. We look forward to delivering on these goals during the second half of this year.”
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