The society said the net increase reflects the investment made in distribution, product range, and online systems capability for brokers.
Profit before tax increased by £5m to £13.1m in 2017, up from £8.1m in 2016.
‘This reflects a fall in impairment charges and the Financial Services Compensation Levy, together with a one-off credit of £2.2m arising on the purchase of its Cobalt offices in the first half of the year,’ said the society.
The society also launched a range of local products, called North East Exclusive mortgages, targeted by those looking to borrow 95% loan-to-value (LTV).
It also reported customer satisfaction of 96%, up from 93% last year as the society said it continued to invest in its service delivery via online, telephone and its 27-strong branch network across the North East and Cumbria.
The society helped lend over 1,000 first-time buyers mortgages, a 33% increase on the previous year and provided the finance for over 500 self-employed borrowers.
Chief executive, Andrew Haigh said: “We’re very pleased with such a strong set of results which are the foundation for delivering our role as the North East’s building society. We are not just about encouraging people to save and plan their finances, and helping them to own their home, we believe it is also vitally important to support our communities in making positive changes, providing varied and meaningful career opportunities, and a great place to work for people across our region.”
Over 2017, Newcastle Building Society relocated and refurbished branches in Darlington and Durham, maintained 27 branch outlets and ran a financial advice and information programme accessible across its branch network.