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Newcastle BS sees mortgage lending soar 65 per cent in H1 – results

  • 25/07/2019
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Newcastle BS sees mortgage lending soar 65 per cent in H1 – results
Newcastle Building Society has reported a strong uplift in profits on “record” mortgage lending for the first half of 2019.

Gross mortgage lending jumped by 65 per cent to £380m compared to H1 2018.

Net core residential lending was £220m, or £60m more than the full-year 2018 lending figure of £160m.

“We continue to make progress is the face of very strong competition in the mortgage and savings market,” said chief executive Andrew Haigh (pictured).

Profit before tax and operating profit before impairment and provisions both grew by 18 per cent, to £8.2m and £8.5m respectively.

Subsidiary Newcastle Financial Advisers reported “growth in new business volumes compared to H1 2018 despite difficult market conditions”.


High street strategy

The society opened three new branches during the first-half and continued to invest in an ongoing, multi-million pound branch refurbishment and relocation programme. 

“We can see clear evidence that our strategy is delivering meaningful progress,” said Haigh.

“At a time when many banks are withdrawing from high streets we still passionately believe in the role that branches and face-to-face advice plays in supporting local communities,” he added.

The society won 25,000 new customers during H1 and mortgage arrears remained flat at 0.36 per cent year on year.

It opened new branches in Barnard Castle, Hawes in North Yorkshire and Wooler in Northumberland.

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