Nottingham Building Society reports good progress

Nottingham Building Society has announced its results for the year ended 31 December 2017 reporting further good progress in the development of its ‘all under one roof’ advice and service proposition.

Record gross mortgage lending of over £1 billion for the first time, resulting in overall mortgage book growth of 11.6% for the firm.

In its results, a group pre-tax profit of £14.5m was reported; a small improvement on the prior year.

In the last year the Society had opened 7 new branches and gained 25,500 new customers.

Commenting David Marlow, Chief Executive said: “Despite continuing uncertainty facing the UK economy, I am pleased to report a year of strong progress in the development of our ‘all under one roof’ strategy which is focused on supporting and rewarding our members for doing the right thing to plan for and protect their financial futures.

“At the beginning of 2017 we set a number of objectives seeking to continue to grow the membership of the Society, look at ways in which we could reward membership through the delivery of our unique advice and service proposition, continue to invest in the infrastructure and capability of the Society, maintain our world class level of service and continue to support our communities under our Doing Good Together initiative. I am pleased to report that we have made excellent progress against all of these key objectives during the year.

“In mortgage lending it has been a record year.  We have processed mortgage applications of £1.4 billion, an increase of 29% over the previous record achieved in 2016, and delivered gross lending of over £1.0bn for the first time, a 28% increase on performance in 2016. 

“The number of customers choosing to remain with the Society at the end of their mortgage deal is still at high levels with almost two out of every three choosing to do so, representing £601m an 8% increase on 2016.  Overall this enabled us to increase our mortgage assets by 11.6% – a strong performance.”