The lender also saw its net core residential lending total reach a record level of £586m. This compares to a gross lending figure of £861m in 2021 and a net figure of £330m.
The mutual said it welcomed 5,600 new mortgage customers to its business, which it attributed to its growth in net mortgage lending.
Newcastle Building Society also aimed to provide “good value for borrowers” it said, by putting its standard variable rate (SVR) 0.42 per cent lower than the market average. It said this saved borrowers who were on an SVR £500,000 in interest payments.
Its net interest income totalled £75.4m, up from £59m in the prior year.
Its financial advice business, Newcastle Financial Advice, invested more than £94m in the wider group.
A video appointment service was piloted within the advice business this year, and overall, the business held over 7,500 conversations with customers.
The mutual’s profit before tax rose to £31.7m, compared to £29.1m in 2021.
A ‘robust set of results’
Andrew Haigh, chief executive of Newcastle Building Society, said: “Despite the many challenges emerging in 2022, Newcastle Building Society responded well. I am sure many of us started the year in the hope that after all the trauma and disruption of the Covid-19 pandemic, life might gradually return to something much more familiar as the year progressed.
“I’m pleased to report that in such a volatile environment and in the face of so many new challenges, the society continued to demonstrate its resilience and agility, delivering a robust set of results. The underlying financial performance remains strong with increased profitability.”
