“Over recent months, the board and I have been in discussions regarding the long-term leadership of the society. We have agreed that after more than ten years as chief executive – a period book-ended by the financial crisis and a global pandemic – I will step down during 2022,” Marlow said.
The process is underway to appoint Marlow’s successor as chief executive.
The news came as the society reported mortgage assets of £3.0bn for H1 2021. These were “slightly lower that the position at 31 December 2020, but reflect a solid performance in a competitive market,” it said.
The lender saw £500m of mortgage applications in the first half, up by more than a third compared to H1 2020.
Completions rose by 18 per cent and there was “a good pipeline of business heading into the second half,” it said.
The Nottingham did not publish a gross lending figure for H1. Mortgage lending was £490m for the full-year 2020.
The society added that at the half-year mark, it was delivering on its 2021 priorities to return to profit and carefully manage the balance sheet.
Net interest margin rose to 1.20 per cent, compared to 1.07 per cent H1 2020.
The profit before tax was £5.7m, versus an H1 2020 loss of £4.6m.
Some 44 accounts showed more than three months of arrears as of 30 June. However, the vast majority of nearly 3,000 borrowers who took payment deferrals during the pandemic have now resumed repayments.
The society last month sold its advice and search subsidiary Nottingham Mortgage Services to Belvoir Group.