Profits have decreased 19% at Nottingham Building Society to £11.8m (down £2.7m from 2017), according to results for the year ended 31 December 2018. The Society has attributed this to the impact of its investment plans.
Nottingham Building Society did however attract 25,000 new members in 2018 and ended the year by growing its mortgage book by 4% to £3.5 billion.
David Marlow, Chief Executive, said: “2019 will undoubtedly be a year of uncertainty for us all. We continue to believe that our unique proposition, if delivered brilliantly and continually evolving to match changing expectations, will remain as popular as ever with our growing membership.
“We have embarked on investing in and developing leading technology for our members and expect to need to continue to do so for the foreseeable future as we continue to successfully grow our membership sustainably, both now and in the years ahead.
“It is at times like these that our mutual ethos serves us well, enabling us to continue to invest in the long term success of the Society, despite short term market, economic and political uncertainties. This has been made possible by our financial strength and the progress we have achieved in recent years to grow the Society and build our capability. Whilst we expect profitability to reduce in the short term, the Board remains confident that it is in the long term interests of our membership to continue to deliver world class service, great value and invest for the future, rather than pursue short term profit.
“We are committed to creating the ideal hybrid of traditional service and advice with digital accessibility and innovation. That will enable us to help our growing membership plan for their financial futures more effectively and efficiently. We aim to do this by continuing to focus on serving and rewarding membership and having strong financial adequacy, whilst being reputable and resilient to all market conditions and supporting the communities in which we serve.”