The Nottingham has hailed a strong performance despite a volatile economic environment in what its CEO has referred to as a “pivotal six months” for the building society.
In its half year report, for the six months ended 30 June 2023, the firm highlighted growth in mortgage lending as it continues its transformation plan.
£457.1m in gross new lending represented an increase of £204.6m on the same period of 2022 (£252.5m), while pre-tax profits hit £11.7m, increasing from £11.3m.
Total mortgage assets were £3.3bn, up from £2.9bn.
Sue Hayes, Chief Executive of The Nottingham, said: “This has been a pivotal six months for the Nottingham.
“Our strong performance in a volatile economic environment demonstrates the progress we have made towards transforming our building society. We know this has been a challenging time for our members and I am proud that we have done everything we can to support them, by passing on rate rises and paying savers the best rates we can.
“The last six months has seen the biggest impact on mortgage holders in 15 years, which is why we were one of the first to sign up to the new ‘Mortgage Charter’ – ensuring our borrowers can access the best solutions for them and helping them through this challenging environment.
“As we look to the future, we will support an even broader range of people to own their own home, and we have introduced a range of lending criteria changes in recent weeks that will help enable this. In addition our partnership with Generation Home to make property ownership more achievable continues to develop strongly. We look forward to delivering on these goals during the second half of this year.”
