Newcastle Building Society has released its 2022 results with a net core residential lending of £586m and gross mortgage lending of £1.1bn.
The average savings book rate of 1.20% was higher than the market average, providing around £21m more in interest for its savers.
The Standard Variable Rate (SVR) for mortgages was 0.42% lower than the market average, saving its SVR mortgage borrowers over £500,000 in interest payments.
Its profit before tax increased to £31.7m, and it created almost 200 new jobs, taking colleague numbers to nearly 1,500.
The society also opened a new community branch in Knaresborough and a new community hub, NUCASTLE, powered by Newcastle Building Society.
Additionally, it celebrated ten years of support for the Sir Bobby Robson Foundation with over £544,000 in community funding through charity partnerships, community grants, and colleague fundraising matches.
The Society announced plans to merge with Manchester Building Society, and also worked on the innovative approach of adding a OneBanx multi-bank transaction kiosk to its branches in cashless communities.
Newcastle Building Society chief executive officer, Andrew Haigh, said, “In the face of another challenging year and continued economic uncertainty, the Society has delivered a resilient financial performance, with record gross mortgage lending and good value for both savers and borrowers.
“Our Purpose of connecting our communities with a better financial future is at the heart of everything we do, and it is reflected in the partnerships we have formed and the support we provide to our Members, clients, and colleagues.
“We are excited about the prospects of our proposed merger with Manchester Building Society and are looking forward to providing enhanced services to our Members across a wider geographic footprint.”
