The society lent £483m in H1, up from £357m of loans made during the lockdown-hit six months in the first half last year.
The Newcastle enjoyed “a stable source of funding for mortgage lending,” this year, it said, with the savings market continuing to grow, on top of last year’s uplift, owing to lower spending during lockdowns.
The “strong mortgage market” had been “fuelled by a combination of government intervention and a shift in the needs of homeowners,” it added.
Growth in mortgage lending included adding 2,300 new customers, while “maintaining a sensible lending approach,” the lender said.
It specifically highlighted initiatives for first-time buyers, including its roles in Deposit Unlock and First Homes, as well as its 95 per cent, Help to Buy and Joint Mortgage Sole Proprietor offers.
Operating profit before impairments and provisions was £13m, up from £7.3m in H1 2020.
Newcastle brokers
Advice subsidiary Newcastle Financial Advisers “delivered a strong performance,” exceeding planned targets on growth of its customer base, level of funds invested, funds under management, and customer service, the Newcastle said.
The society moved out of its Newcastle city centre head office in early 2021, and is investing in “a substantial programme of transformation”, to provide a future-friendly hybrid working environment at its Cobalt Park, North Tyneside, site.
Andrew Haigh, chief executive at Newcastle Building Society (pictured), said: “We’ve continued our focus on helping communities recover from the impacts of the pandemic, and driven innovations in home ownership to help borrowers onto the property ladder, particularly those with lower deposits.”
The lender also made two new board appointments in H1, following departure of chairman Phil Moorhouse after almost a decade.
James Ramsbotham, CBE DL, was appointed as chairman. Ramsbotham was formerly chief executive at the North East of England Chamber of Commerce, and before that served for 14 years with Barclays, and was chair of Darlington Building Society.
Michelle Faull was appointed as a non-executive director and to the audit and group risk committees. Faull is a former chief financial officer at Coventry Building Society and risk director at Nationwide.
