This was up from £108m in 2022. The mortgage book for The Tipton increased by 11.3 per cent over the year, and its net interest margin (NIM) improved to 2.46 per cent, up from 2.24 per cent.
The mutual said this was achieved even though it paid “better rates” to savers and “protected” variable rate mortgage borrowers from the full rise in the base rate. Although the base rate increased by 1.75 per cent over the year, the mutual’s standard variable rate (SVR) went up by 1.6 per cent.
The Tipton said higher interest rates supported its profit before tax of £4.3m, but this was down from £4.8m the year before.
Adam Evetts (pictured), The Tipton’s chief executive, said: “2023 was another incredibly successful year for the society despite the economic and market conditions, and we remain focused on our principle purpose of helping members to own a home at all stages of life, and to help them save for the future.
“Our record levels of mortgage lending and strong savings inflows demonstrate our belief that offering customers fairly priced products and great customer service pays off. I’m looking forward to developing these areas further, with us embarking on a number of significant projects in 2024, and seeing the society grow from strength to strength as a regional building society.”
Evetts added: “Our success during 2023 would also not have been possible without the support and commitment of all our colleagues and members, and our important relationships with mortgage brokers. My thanks go to everyone involved; they’ve played a vital role in our successful year.
“As a society, we are financially strong and well positioned to respond to any economic uncertainty and will continue to take opportunities as they arise.
“Thank you for your continued support.”
Evetts was appointed CEO last year after Richard Newton stepped down from the position following 32 years with the mutual.
