“Good progress” for Nottingham building society

David Marlow CEO The Nottingham Building Society

In its results for the six months ending 30 June 2018, The Nottingham has reported “good progress and performance” despite a drop in profit.

Total assets at the building society are at almost £4.0 billion – a new milestone – and pre-tax profit is at £6m, down from £7.6m earlier this year.

David Marlow, Chief Executive of The Nottingham, said: “At the beginning of the year we undertook to move forward from our firm foundations, focusing on the four key pillars of growing and rewarding membership; strong financial adequacy; operational excellence and people, culture and community.

“At the half year point we are pleased to report good progress.  In terms of growing and rewarding membership we have welcomed over 13,000 new members to the Society. The seven new branches, which we added to our network at the end of 2017, have performed ahead of expectations and are now fully embedded into our 67 branch network.

“The Society remains strong with a clear strategy, which is distinct and increasingly valued.  Whilst headwinds and uncertainties remain, the Board of The Nottingham has confidence in its delivery and plans to continue to grow the Society in a safe and secure way, through differentiating ourselves strongly from the big banks and continuing to support and reward our growing membership.”