The mutual said this included a 38% increase in net lending for homeownership to £757m, which was supported by a £401m increase in customer savings balances.
During the year, West Brom Building Society supported more than 6,000 first-time buyers, a 34% growth on the year before. Further, the mutual assisted more than 2,600 borrowers into shared ownership, reporting a 29% annual increase in this lending.
Its profit before tax rose by 14% to £36.5m, which the mutual said helped it to maintain a strong capital ratio, allowing West Brom Building Society to support more homebuyers and invest in the customer experience.
Jonathan Westhoff, chief executive at West Brom Building Society, said: “This year’s results reflect the real difference we’re making for our members, particularly savers and first-time buyers. I’m pleased we’ve continued to strengthen our support for customers across the board.
“We’ve helped over 6,000 first-time buyers, over a third (34%) more than this time last year, and we’ve seen an increase in the popularity of specialist lending options, such as low-deposit new-build mortgages and shared ownership. Our market-first approach to standard variable rate (SVR) means existing customers who have a higher amount of equity in their homes can have a reduced rate at the end of their mortgage deal, meaning they would save on average £1,300 a year compared with an average market SVR.”
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He added: “Our results allow us to invest further in our infrastructure and services to support customers now and into the future. I’m pleased with what we’ve achieved this year, and as we look ahead to what will be a challenging market environment this year, we’ll remain focused on continuing to deliver our purpose, while remaining resilient in a changing financial landscape.”
